Robotics startup cofounded by Synapse CEO is raising funds with exaggerated promises about GM ties

Robotics startup cofounded by Synapse CEO is raising funds with exaggerated promises about GM ties


Essential Points
  • A humanoid robotics startup cofounded by the CEO of bankrupt fintech organization Synapse has canvassed Silicon Valley investors for cash by boasting shut ties and an imminent expenditure from Typical Motors — statements turned down by the automaker.
  • The company, termed Foundation Robotics Labs, is seeking the final $1 million in money for an $11 million seed spherical, according to paperwork attained by CNBC. The investor pitch claimed GM experienced currently fully commited to an financial investment, together with the Menlo Park-primarily based VC business Tribe Capital.
  • But, in accordance to GM and 1 of the startup’s founders, most of Foundation’s claims linked to the automaker are exaggerated or untrue.



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