Latest news with #Synapse
TechCrunch
08-05-2025
- Business
- TechCrunch
Ex-Synapse CEO reportedly trying to raise $100M for his new humanoid robotics venture
In Brief Sankaet Pathak's last startup, fintech Synapse, filed for bankruptcy in 2024 amid issues with partner Evolve Bank & Trust. Tens of millions of dollars in deposits made by consumers, mostly customers of fintechs that worked with Synapse, remain unaccounted for. Yet according to The Information, Pathak is reportedly moving full steam ahead on attempts to fundraise for his new venture, humanoid robotics startup Foundation. Pathak is said to be in the midst of raising $100 million for Foundation at a whopping $1 billion valuation. The numbers seem particularly ambitious considering the startup only debuted its humanoid robot, Phantom, earlier this year. Foundation only last August raised $11 million in a pre-seed funding round from Tribe Capital and 'other angels.' Foundation's self-proclaimed mission is to 'create advanced humanoid robots that can operate in complex environments' to address the labor shortage. TechCrunch has reached out to Pathak for comment.
Yahoo
06-05-2025
- Automotive
- Yahoo
Cannondale Synapse Can Run Your Electronics from One Battery and Has Room For Snacks
The story of the Cannondale Synapse is one of versatility and capability. The newest iteration of this hard-to-categorize machine focuses on real-world gains. But don't brush it off as an endurance or watered-down road bike—the Synapse has teeth. Plus, it's bringing along some extra cool tech, thanks to the updated Cannondale SuperX. What is the Cannondale Synapse? 2015 Cannondale Synapse (Photo/Tyler Benedict) In the early 2000s, Cannondale pulled a bit of a fast one on the road world. They launched the original Synapse—a bike that didn't chase KOMs or world podiums but focused on something refreshingly grounded: real-world performance. It had just enough race pedigree to rip, but brought comfort and stability that let you enjoy the ride. (Photo / Gruber-Images) The Synapse was never the average endurance bike. In 2018, the entire EF Education First-Drapac p/b Cannondale team was aboard the Cannondale Synapse for Paris-Roubaix. It's neither a watered-down race bike nor a limp 'comfort' bike. The Cannondale Synapse is what happens when you take performance seriously—but not so seriously that you forget to smile during a five-hour ride. LAB71 Synapse SmartSense side Meet the New Cannondale Synapse The newest version of the Cannondale Synapse looks fast standing still. Seeming to cherry-pick some of the best features from the Cannondale drop bar lineup, melding them into a comfortable, capable road machine. Every version of the new Synapse (and most of Cannondale's other bikes) centers on Cannondale's Proportional Response design. Size-specific geometry and carbon layups make each frame ride just right for its intended rider. Whether smashing a Gran Fondo or commuting through a midwestern winter, the Synapse always delivers a ride that feels planted, fast, and smooth enough to take the edge off the broken pavement. We expect the same from the newest offering, but some extra. Cannondale Synapse 2025 Tech bars Cannondale Synapse 2025 bars front Cannondale Synapse 2025 rear of frame Frame Details Cannondale claims the new Synapse Hi-MOD frames weigh under 1,000g (979g for Hi-MOD and 1143g for standard). The new Synapse also includes Cannondale's Delta Steerer system and SystemBar integration. The updated design allows cables to route directly through the headset into the head tube and around the new triangular-shaped steerer tube. The design is a triangular truncated steerer (Delta) that allowed the Cannondale design team to create a smaller frontal profile. It basically just chopped off the two sides of the otherwise round steerer tube (narrower at the front, wider at the back), with cables run through the upper bearing on either side of the reshaped steerer. These updates keep things tidy and aero up front (something missing from the previous model), while their signature seatpost D-shaping boosts vertical compliance. The new Cannondale Synapse 2025 will fit a 42mm rear and a 48mm tire in the front. Big Tires and Big Comfort With clearance for up to 42mm tires (48mm up front with appropriate clearance), Synapse riders won't fear chip seal, chunky tarmac, or even light gravel detours. The Cannondale engineering team says the new frame is more compliant than the last generation. How much? 18% more, according to Cannondale. Cannondale Synapse 2025 stash Cannondale Synapse 2025 stash opened Stash Some Snacks The new Cannondale StashPort downtube storage adds glovebox-style convenience, with room for tools, snacks, or a rain jacket (a personal favorite here). The updated SmartSense uses this slot to house the battery that powers your lights, radar, and even SRAM AXS shifting. Yes, you heard that right. The Synapse can run your drivetrain, radar, and headlight from one centralized power source. Neat. Cannondale hasn't gone into detail about how this system will actually work, and what will presumably be some kind of wiring harness that attaches to the AXS derailleurs, but we've asked for more detail and will update when we get it. Cannondale Synapse 2025 smart sense Updated SmartSense Speaking about SmartSense, the updated Gen 2 gets a slick refresh too. The systems see smaller but brighter lights (up to 800 lumens up front), an integrated Garmin Varia radar/taillight combo, and a removable internal battery that now lasts up to 24 hours. Fewer wires, more ride time. Cannondale Synapse Geometry Cannondale Synapse 2025 geometry Models to Match the Mission The range is wide and practical, from the ultra-premium LAB71 build (sporting SRAM RED XPLR and DT Swiss 180 hubs) to the more budget-conscious Synapse Carbon 5 (mech Shimano 105). Most builds lean on wireless shifting, integrated power meters, and aero-carbon wheelsets. Even the mid-tier Synapse Carbon 3 is equipped with Shimano Di2 and tubeless-ready wheels. Here is a quick Cannondale Synapse model breakdown: LAB71 Synapse SmartSense side LAB71 Synapse SmartSense LAB71 Synapse: Top-tier everything—Hi-MOD frame, RED AXS XPLR, Reserve carbon wheels, SmartSense 2.0, and that beautiful StashPort. Also available in Smartsense. 700 U Synapse Crb 1 - TUB Synapse Crb 1 Synapse Carbon 1: Ultegra Di2, Reserve 42|49 wheels, 4iii power meter, and available in the complete SmartSense kit. Synapse Crb 2 Cannondale-Synapse-2025-C2 Carbon 2 & 3: Ultegra and 105 Di2, respectively, carbon wheelsets and integrated storage. Synapse Crb 4 Synapse Crb 5 Synapse Crb 4 Carbon 5: Mechanical 105, budget wheels, still with StashPort and confident geometry. 2025 Synapse Carbon Pricing (USD / CAD) Synapse LAB71 SmartSense – $16,499 / $22,099 Synapse LAB71 Frameset – $5,999 / $8,099 Synapse Carbon 1 – $9,399 / $12,899 Synapse Carbon 2 – $7,499 / $10,099 Synapse Carbon 4 – $4,599 / $6,299 Synapse Carbon 5 – $3,599 / $4,899 The post Cannondale Synapse Can Run Your Electronics from One Battery and Has Room For Snacks appeared first on Bikerumor.
Time of India
02-05-2025
- Business
- Time of India
Cognizant doubles fresher hiring in 2025; CEO says company plans to hire more graduates to …
The IT service giant Cognizant has revealed its plans to hire 20,000 freshers this year. This number is more than double the amount hired in the previous year. Cognizant CEO Ravi Kumar S revealed the company's plan to hire 20,000 freshers this year as part of the company strategy. Tired of too many ads? go ad free now Kumar added that with the new hiring plan in place, the company is trying to reshape its talent pyramid and support managed services and AI-led software development. He further revealed that Cognizant is now focusing on three areas — hiring freshers, increasing productivity through AI, and improving utilisation to manage human capital costs effectively. What Cognizant CEO Ravi Kumar S said about hiring 20,000 freshers in 2025 Cognizant CEO Ravi Kumar S. emphasized the strategic importance of talent amplification as the firm accelerates its growth and innovation agenda. While the company's overall headcount remained nearly flat, this move aims to build a stronger workforce pyramid, especially with the increase in managed services projects. The company is focusing on hiring freshers, increasing productivity through AI, and improving utilization to manage human capital costs effectively. 'As we stated at our Investor Day, we are hiring 20,000 freshers as part of our strategy, which is more than double what we did last year," Cognizant CEO Ravi Kumar S said. "But it also comes equally with an overhead of carrying higher bench at a lower cost and actually offshore," he said. '...with amplifying talent, we are strengthening our talent pipeline with skills needed for the AI era. As you heard us talk about during the Investor Day, we are upskilling our workforce at scale, leveraging AI to meet demand faster and identifying talent pools to address new areas unlocked by AI," added Kumar. Tired of too many ads? go ad free now The company is also investing in AI upskilling, with over 1,400 early GenAI engagements already underway. Cognizant's Synapse initiative has trained 400,000 professionals globally, with a goal of reaching 1 million individuals in advanced AI technologies. Additionally, Cognizant reported a 7.45% year-on-year growth in revenue for the January-March quarter of 2025.
Yahoo
01-05-2025
- Business
- Yahoo
Americans saved money in fintechs. When money went missing, FDIC was no where to be found
When Catherine Bell put her money into Yotta, a fintech that promised savers a chance to win money just by saving more in its FDIC-insured accounts, it seemed like a no-brainer. The Federal Deposit Insurance Corp. is an independent agency of the U.S. government that insures deposits in banks and savings institutions up to $250,000 per depositor. She and tens of thousands of Americans parked their money at Yotta, receiving interest and chances to earn entries into drawings for prizes, including cash ranging from less than a dollar to millions, simply by saving. Generally, the more you save, the more chances you get to win. The account worked for her and many others, until it didn't. 'I was unfortunately unable to withdraw funds from this account when I attempted to do so in late 2024,' said Bell, who is close to retirement, adding that the FDIC was nowhere to be found. FDIC declined 'comment on open and operating institutions.' A fintech isn't officially a bank, so technically, it isn't FDIC insured. But it can say your money is FDIC insured by accepting your money and depositing it into a regular FDIC-insured bank. To do this, fintechs like Yotta, Juno and Copper that offer savings accounts, relied on tech company Synapse as a middleman to collect funds from various fintechs and deposit them into FDIC-insured Evolve Bank & Trust. Between 2019 and 2023, Synapse funneled over $1 billion into Evolve but cracks emerged in 2022 and discussions about missing funds soon began. Mercury, another fintech using Synapse, began questioning Synapse's trustworthiness and opted for a direct relationship with Evolve. Synapse, caught in a disagreement with Evolve and facing an end to its business relationship with that bank, funneled money to other institutions like Lineage Bank. "Some fintech platforms, including Yotta and Juno, elected to continue partnering with Synapse and migrated their programs to (Synapse subsidiary) Synapse Brokerage in autumn 2023, a decision Evolve was neither involved in nor consulted about," Evolve noted in a release. The fund transfers were directed by Synapse, Evolve said. "Evolve continued to conduct certain payment processing services for Synapse Brokerage (users) as Synapse sought new banking partners to avoid disruption to... accounts during this transition period," Evolve said. Synapse filed for bankruptcy in April 2024, leaving more than 100,000 customers unable to access their funds stored in Synapse-linked accounts at Evolve. Worse, $96 million in customer deposits remain unaccounted for across multiple banks, including Evolve and Lineage. Finger-pointing, lawsuits and frozen customer accounts ensued. The Federal Reserve issued an enforcement action against Evolve in June, citing deficiencies in its anti-money laundering, risk management and consumer compliance operations. The central bank alleged Evolve 'fail[ed] to have in place an effective risk management framework' for its fintech partnerships. The Fed noted, though, that "enforcement action against Evolve is independent of the bankruptcy proceedings regarding Synapse Financial Technologies Inc." Lineage Bank has said approximately 97% of the funds it held have been returned to Synapse customers since Synapse declared bankruptcy. Evolve said previously that it also has been returning funds to customers But many customers report only receiving pennies on the dollar. 'For what it's worth, I did receive a PayPal payment from Evolve in the amount of $22.35 on November 5, 2024,' Bell said. That's far short of her more than $100,000 deposited at Yotta. In a court filing in April, Trustee Jelena McWilliams filed a status report on Synapse's bankruptcy case, noting 'it appears that a shortfall between the amount of funds held at some Partner Banks and funds expected to be held based on the Synapse ledger existed prior to Synapse's bankruptcy. As a result, many end users still have not received their expected amount of funds and these amounts are subject to ongoing appeals processes and litigation.' Evolve told USA TODAY, 'at this time, we have no further comment, and we refer you to It's possible, but they'll have to be patient and let processes play out. Some possible scenarios include: ◾The Department of Justice: If criminal activity occurred, and Evolve is found at fault, then the DOJ could force it to pay. ◾Lawsuits: Many have been filed, including a class-action lawsuit against Evolve and Lineage Bank and Yotta's lawsuit against Evolve. Evolve filed to get Yotta's suit dismissed. Again, such actions require legal filings, depositions, evidence gathering and likely, appeals of whichever way an initial verdict goes. ◾FDIC: If Evolve goes under, the FDIC would have the authority to get involved. The best chance for people to recover funds might be if Evolve goes bankrupt, some who are involved say. That would clear the way for the FDIC to step in. 'As a business owner myself, I hate to wish anything bad on another business, but there are instances such as these seem to be when bad players bring it upon themselves,' Bell said. Evolve has already lost customers. In March, Mercury said it's severing ties with Evolve and moving its customers to other partner banks. The step followed Dave Inc., another fintech, dropping Evolve as a banking partner. It will also help when Synapse's bankruptcy process is complete to see 'how the bankruptcy plays out,' said Adam Moelis, Yotta co-founder and chief executive. Once the bankruptcy process is complete, people may be able to focus on how to make depositors whole again. The bankruptcy process may be close, possibly this summer, Moelis said. In her status report, Williams laid the grounds for dismissal or conversion of Synapse's bankruptcy case to Chapter 7 from Chapter 11. Chapter 7 is a liquidation of a business to pay creditors and is a faster process. Chapter 11 is a reorganization that requires many approvals, including from creditors, to continue operating. While waiting for the process to play out, consumers can: ◾Join the class-action lawsuit. ◾Sign a petition on started by a Yotta user whose money was frozen. ◾Check out which offers consumers updates and links and actions they can take, including sending letters to state attorneys general and representatives. ◾Write Congress. Sens. Elizabeth Warren, D-Massachusetts, John Fetterman, D-Pennsylvania, Tammy Baldwin, D-Wisconsin, and Ron Wyden, D-Oregon, have been demanding answers from the Fed as to how its supervision may have failed Americans. Here is their recent letter to Fed Governor Michelle Bowman. ◾Lobby the Fed. Fed Chair Jerome 'Powell said twice publicly he would follow up," Moelis said. Yotta has hired lobbyists to help, "but it's not SVB (Silicon Valley Bank) level people, tech people, impacted, so justice moves more slowly,' Moelis said. SVB customers consisted primarily of tech startups, software makers, and biotech firms. The bank invested in long-term bonds when interest rates were zero, but when interest rates rose, those long-term bond prices fell, cratering their investments and forcing the 16th largest bank into the second largest bank failure in the U.S. Powell said last year the Fed supervises 'the bank; we don't supervise Synapse, let alone the fintechs that feed into Synapse.' He added, "we're strongly encouraging Evolve to do whatever it can to help make money available to depositors. We also, as you may know, did an enforcement action before all this happened ... around these very risk management issues.' ◾Reddit boards also offer information and discussions with others in the same predicament. However, this all turns out, 'it's painfully clear to me they (fintechs) shouldn't be able to masquerade as being FDIC-backed when they're not,' Bell said. (This story was updated, clarifying the bankruptcy process and adding statements from Evolve.) Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning. This article originally appeared on USA TODAY: Fintechs tout 'FDIC insured,' but are they? Some Americans found out. Sign in to access your portfolio
Express Tribune
30-04-2025
- Health
- Express Tribune
IBA-CED sparks dialogue on mental health, leadership at ‘Crucial Conversations: Stories of Impact'
Photo: Experts and entrepreneurs gather at IBA for 'Crucial Conversations: Stories of Impact' to address emotional wellbeing. Listen to article As mental health challenges continue to rise across Pakistan, with over 24 million people affected, the Centre for Entrepreneurial Development at the Institute of Business Administration Karachi has stepped forward to address the crisis through an innovative lens — leadership and entrepreneurship. Joining hands with Synapse - Pakistan Neuroscience Institute,'Crucial Conversations: Stories of Impact,' aimed at exploring how purpose-driven leadership, resilience, and innovation can support emotional well-being across sectors. IBA-CED Director Dr Lalarukh Ejaz kicked off the session with her opening remarks where she doubled down on three clear aims of the session. 'Firstly to open up real conversations, then to dissect real opportunities and inspire a new wave of innovation,' she said. The first panel discussion titled 'Roots of Impact: Purpose, Pressure & Perspective.' Moderated by Dr. Ayesha Mian, psychiatrist and founder of Synapse. The panel featured thought leaders from across Pakistan's education and development sectors, including Dr. Akbar Zaidi, Executive Director of IBA, Mushtaq Chhapra, Founder of The Citizens Foundation, and Dr. Salimah Walani, Dean of the Agha Khan University School of Nursing. Panelists spoke candidly about the emotional toll of leadership and the importance of values, self-awareness, and vulnerability in building resilient institutions. Photo: Panelists engage in a powerful dialogue on mental health, leadership, and innovation at IBA Karachi. The session was followed by a keynote address by Dr. Rüdiger Lotz, Consul General of Germany in Karachi, titled 'Strengthening Entrepreneurial Support Systems for an Emotionally Healthy Society.' Dr. Lotz emphasized the need for cross-sectoral partnerships and systemic support structures to empower individuals, especially youth, in navigating emotional challenges in today's volatile environment. In the final panel, 'Thriving While Building,' the spotlight shifted to the startup ecosystem, examining the mental health struggles faced by entrepreneurs in high-growth, high-pressure environments. Moderated by Dr. Usman Nazir of IBA, the panel brought together Dr. Ahson Rabbani from the ChildLife Foundation, Ammar Jangbarwala (MyWater Middle East), and Sukaina Abbas of Enchanté Jewellery, who shared personal stories of burnout, resilience, and the coping strategies they've adopted on their entrepreneurial journeys.
