SUMMARY
Builder.ai’s parent, Engineer.ai Corporation, will be “entering into insolvency proceedings” and has appointed an administrator to “manage the company’s affairs”
Viola Credit, which extended $50 Mn debt to the company last year, seized $37 Mn from Builder.ai’s accounts leaving it with just $5 Mn
CEO Manpreet Ratia said the company’s cash reserves had dwindled to about $7 Mn when he joined as a CEO in March this year, replacing cofounder Sachin Dev Duggal
Weeks after Builder.Ai
admitted “problems” under its past leadership, the Microsoft-backed enterprise tech startup is now reportedly commenced insolvency proceedings.
A company spokesperson told TechCrunch that Builder.ai’s…
