AI software company Builder.ai is entering insolvency proceedings, a company spokesperson confirmed to TechCrunch.
The Microsoft-backed unicorn, which has raised more than $450 million in funding, rose to prominence for its AI-based platform that aimed to simplify the process of building apps and websites.
According to the spokesperson, Builder.ai, also known as Engineer.ai Corporation, is appointing 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 said in a statement….
