Today Microsoft-backed Builder.ai has announced that it will enter insolvency proceedings.
The company confirmed to the Financial Times that its main unit, Engineer.ai Corporation, “will be entering into insolvency proceedings and will appoint an administrator to manage the company’s affairs”.
UK unicorn Builder.ai developed an AI-powered composable software platform that integrates Lego-like reusable features with Building Blocks automation to minimise human effort and produce apps at a fraction of the cost and time of traditional software development.
Having raised over $450 million in funds, with backers including Qatar’s sovereign wealth fund, Builder.ai recently revised its sales figures…
