Key Points
- Robot startup Foundation has failed to pay employees since missing its Oct. 30 payroll, angering some workers after its CEO borrowed $4.6 million from the firm last year to buy a luxury home, according to people familiar with the matter.
- CEO and co-founder Sankaet Pathak is Foundation’s sole board member, raising governance concerns among prospective investors.
- Foundation’s widely reported $24 million in Pentagon contracts actually stems from its 2024 acquisition of Boardwalk Robotics, which held some existing government research contracts, the people said.
- Pathak’s previous company, Synapse, collapsed in 2024, leaving thousands of customers without access to deposits. Pathak reportedly took loans from Synapse as it neared bankruptcy.
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They only do this shit because they know America doesn’t prosecute white collar crime seriously. The corruption won’t lessen till the perpetrators face real consequences.
Reminds me of the Kickstarter for the peachy printer.
AFAIK the co-founder didn’t face any consequences or pay anything back in that case.
