London-based unicorn Builder.ai has announced that it is entering insolvency proceedings despite backing from global giant Microsoft and SoftBank.
The AI-powered software platform released a statement on LinkedIn, with comments turned off on the post, just weeks after its founder Sachin Dev Duggal stepped down as CEO.
“Today, Engineer.ai Corporation, known as Builder.ai, will be entering into insolvency proceedings and will appoint an administrator to manage the company’s affairs,” the post read.
“Despite the tireless efforts of our current team and exploring every possible option, the business has been unable to recover from historic challenges and past decisions that placed significant strain on its financial position.
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