Ex-Synapse CEO’s Robot Startup Targets $1 Billion Valuation

A humanoid robotics startup founded by the former chief executive of failed fintech firm Synapse is aiming to finalize a $100 million fundraising that will value the year-old company at $1 billion, according to people who spoke to the company’s founders this week.

The startup is in talks to raise money from the family office of a member of the Saudi Arabia royal family among other investors, according to the people. The steep fundraising target, for a company that has just started to generate revenue, speaks to the recent investor excitement for robotics startups—even those whose leader has a checkered history.