A humanoid robotics startup cofounded by the CEO of bankrupt fintech agency Synapse has canvassed Silicon Valley traders for funds by claiming shut ties and an imminent funding from Common Motors — claims rejected by the automaker.

The corporate, referred to as Basis Robotics Labs, is searching for the final $1 million in funds for an $11 million seed spherical, in response to paperwork obtained by CNBC. The investor pitch claimed GM had already dedicated to an funding, together with the Menlo Park-based VC agency Tribe Capital.

“Basis is constructing humanoid robots to take over work that people do in factories, warehouses and ultimately houses,” the startup declared.

On high of the seed funding, the fundraising doc mentioned GM was set to be Basis’s first buyer, with a focused $300 million buy order, and had additionally offered entry to its factories to assist them prepare its robots.

“GM agreed to allow us to gather the bottom reality knowledge of their factories,” Basis mentioned within the doc. “Our crew is of their Mexico manufacturing unit this week to start out the gathering course of. We might in all probability be the one firm on this house with a dataset like this.”

However, in response to GM and one of many startup’s founders, most of Basis’s claims associated to the automaker are exaggerated or unfaithful.

Whereas GM met with Basis executives a number of occasions, it hasn’t allowed knowledge assortment from its factories, has no agreements for robotic orders and is not planning an funding, in response to a GM spokesman.

“GM has by no means invested in Basis Robotics and has no plans to take action,” spokesman Darryll Harrison mentioned in an emailed assertion. “In actual fact, GM has by no means had an settlement of any type with the corporate. Any claims on the contrary are fabricated.”

In a telephone interview with CNBC, one in every of Basis’s cofounders, Mike LeBlanc, confirmed GM’s factors and mentioned he was embarrassed that advertising and marketing supplies existed that overstated their relationship.

“The engineering stuff we have achieved is absolutely unimaginable, and it is the bedrock of what this firm shall be,” LeBlanc mentioned. “That, to me is what Basis Robotics is.”

Basis was began in April by Synapse CEO Sankaet Pathak, Tribe Capital CEO Arjun Sethi, and LeBlanc, cofounder of Cobalt Robotics, a maker of autonomous safety guards, in response to the corporate’s fundraising pitch.

It is elevating cash at a time when American firms look to automate extra of their labor: 25% of capital spending by industrial corporations within the coming years shall be on automated methods, in response to McKinsey.

The deceptive fundraising pitch was shared in an electronic mail group with about 1,500 startup executives and traders this month, in response to one of many recipients. The contents of the doc had been confirmed by somebody with direct data of Tribe Capital.

Tribe Capital and its cofounder Sethi declined to remark, whereas Pathak did not reply to messages searching for remark.

The robotics startup finds itself within the highlight after the implosion of Pathak’s different firm, Synapse, which enabled fintech manufacturers like Mercury and Dave to supply banking companies by connecting them to FDIC-backed banks.

Cofounded by Pathak in 2014, Synapse went bankrupt earlier this 12 months after a few of its largest purchasers, together with Mercury, left its platform amid disagreements over buyer balances.

The mess has left greater than 100,000 Individuals with a mixed $265 million in deposits locked out of their accounts for greater than a month, in response to a trustee appointed to supervise the agency’s chapter proceedings.

Making issues worse, there may be an $85 million shortfall between what associate banks of Synapse are holding and what depositors are owed, and no solutions but on what occurred to the lacking funds, in response to the trustee.

Pathak’s transfer to his subsequent enterprise, approaching the heels of the still-ongoing Synapse failure, has raised eyebrows amongst some founders and traders within the startup neighborhood.