Weeks after Builder.Ai Datalabs_in-article-icon admitted “problems” under its past leadership, the Microsoft-backed enterprise tech startup is now reportedly commencing insolvency proceedings.
A company spokesperson told TechCrunch that Builder.ai’s parent , Engineer.ai Corporation, will be “entering into insolvency proceedings” and has appointed an administrator to “manage the company’s affairs”.
“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,” the company spokesperson said.
Builder.ai added that it plans to work closely with the…
