[LONDON] Builder.ai, the British artificial intelligence startup backed by Microsoft and the Qatar Investment Authority, is filing for bankruptcy after the chief executive officer said a major creditor had seized most of its cash.
Viola Credit, which provided US$50 million in debt to the software firm last year, has seized US$37 million from Builder.ai’s accounts, leaving the company with US$5 million, Builder.ai chief executive officer Manpreet Ratia said in an interview on Tuesday (May 20), without giving a clear reason for the seizure. Viola didn’t immediately respond to a request for comment left after business hours.
The company, which operates in five jurisdictions – the UK, the US, India, the United Arab Emirates and…
