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Once worth over $1B, Microsoft-backed Builder.ai is running out of money
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. “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. We will work closely with the appointed administrators to ensure an orderly process and to explore all available options for parts of the business, where possible.”
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