Founded by Megi Kavtaradze, Destiny Robotics was launched in 2021 and pledged to build an AI-powered holographic assistant, due out in 2022, and a full humanoid robot the following year.
The goal was to solve chronic loneliness that is experienced by 3 out of 5 Americans. The company aimed to build socially intelligent humanoid robots that would act as a tool to reduce the risk of dementia, early death, and other mental problems and contribute towards a healthy state of mind.
However Kavtaradze failed to fulfill the tall promises and in February 2023 delivered its first humanoid robot in a video. Far from the design that was promised, the prototype was a simple plastic head and shoulders that used commercial software for language processing.
On October 15, 2024, SEC reached a deal that included Kavtaradze offering to pay $12,990.63 plus prejudgment interest of $1,394.06, and a civil penalty of $50,000.
According to the SEC’s website, from February 2022 through March 2023, the Defendants obtained approximately $141,000 from investors by claiming to be developing the world’s first humanoid AI robot at-home assistant and companion for delivery by 2023. In truth, the Defendants were allegedly developing a robot that would have been much less sophisticated and capable than what was described to investors and had no realistic possibility of delivering the robot described to consumers by 2023.
The complaint also alleged that the Defendants falsely described Kavtaradze’s qualifications and failed to disclose Kavtaradze’s personal relationship with the lead investor, while touting his endorsement of the company. Additionally the Defendants failed to disclose to investors that Kavtaradze used some investor funds for personal expenses.
Here’s the pitch deck Kavtaradze used to raise the $141k in funding
Founded in 2021, Destiny Robotics was supposed to be a robotics company created to address the issue of loneliness faced by a huge population. The goal was to create a socially intelligent humanoid robot assistant that will bring companionship to people and make a positive impact on their mental health. With the marriage of advanced robotics and emotional intelligence, Destiny Robotics aimed to develop a robot that would help individuals feel connected and supported.
Destiny Robotics argued that the AI tech’s lack of visual appearance is holding humans’ and AI powered robots’ connection back. According the company, the solution is a humanoid robot with a human appearance and emotional intelligence making interactions feel more natural and meaningful; eventually helping people form real connections with the technology.
Although it was an empty promise, the goal was to combine advanced artificial intelligence, robotics, engineering, art, and design to create “Destiny Robot” as the first product. Several exciting features were also promised such as advanced motor control, neural networks, and machine perception to recognize human faces, emotions, and gestures.
According to the SEC, Destiny Robotics also lied about the qualification of its team. The company was promised to be led by CEO and Founder Megi Kavtaradze who was touted as an experienced entrepreneur who had been invited to speak at prestigious institutions like Harvard University, Yale University, and Forbes in New York City.Â
Other notable team members included Jason Jordan who served as the Chief Robotics Officer, bringing a background with the U.S. Department of Defense, Mahle, and Whirlpool as well as George Q., as the Head of Marketing. George had experience in product marketing from his work at Tesla.
See the full Destiny Robotics Pitch Deck (and thousands more) at bestpitchdeck.com/destiny-robotics