Builder.ai, the British artificial intelligence startup backed by Microsoft Corp. and the Qatar Investment Authority, will file an insolvency case after overstating sales figures it provided investors.
“The business has been unable to recover from historic challenges and past decisions that placed significant strain on its financial position,” Builder.ai said in a statement Tuesday. The firm will appoint an administrator to manage the company’s affairs, it added.
The proceedings mark a stunning fall from grace for the company, which two years ago raised a $250 million funding round led by QIA, one of the world’s biggest sovereign wealth funds. Microsoft also made an equity investment in 2023 as part of a…
