Foundation Robotics Labs, a humanoid robotics startup, has been seeking investment funds in Silicon Valley with claims of close ties to General Motors (GM), which have been disputed by the automaker.
According to documents obtained by CNBC, Foundation Robotics Labs is in the process of raising the final $1 million of an $11 million seed round. The company allegedly asserted that GM had committed to investing, alongside Menlo Park-based VC firm Tribe Capital.
The startup aims to develop humanoid robots designed to perform tasks in various settings, including factories, warehouses, and homes.
The fundraising documents suggested that GM would not only invest but also become Foundation’s first customer with a projected $300 million purchase order. Furthermore, the documents claimed that GM had granted access to its factories to facilitate the training of Foundation’s robots.
However, GM has refuted most of these claims, stating that while there were meetings between GM and Foundation executives, there were no agreements for robot orders, investments, or access to factory data.
GM spokesperson Darryll Harrison clarified that GM has never invested in Foundation Robotics and has no plans to do so. Any assertions to the contrary are unfounded, according to Harrison.
In an interview with CNBC, one of Foundation’s co-founders, Mike LeBlanc, acknowledged that the marketing materials overstated their relationship with GM and expressed regret over the situation.
Foundation Robotics Labs was established in April by Sankaet Pathak, CEO of Synapse, Arjun Sethi, CEO of Tribe Capital, and Mike LeBlanc, a co-founder of Cobalt Robotics. The startup’s fundraising efforts come at a time when many American corporations are increasingly looking to automate their operations.
The incident has garnered attention following the bankruptcy of Synapse, Pathak’s previous venture, which provided banking services for fintech brands like Mercury and Dave. Synapse’s collapse has left numerous depositors unable to access their funds, with significant discrepancies between held deposits and owed amounts.
Pathak’s transition to Foundation Robotics Labs amid the ongoing fallout from Synapse’s demise has prompted scrutiny from some within the startup community.
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