AI start-up Builder.ai to file for bankruptcy

Builder.ai, the British artificial intelligence (AI) start-up backed by Microsoft and the Qatar Investment Authority (QIA), is filing for bankruptcy after its chief executive said a major creditor had seized most of its cash.

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LONDON - Builder.ai, the British artificial intelligence (AI) start-up backed by Microsoft and the Qatar Investment Authority (QIA), is filing for bankruptcy after its chief executive said a major creditor had seized most of its cash.

Builder.ai is also backed by Singapore-based venture capital investor Jungle Ventures, according to media reports.

Viola Credit, which provided US$50 million (S$65 million) in debt to the software firm in 2024, has seized US$37 million from Builder.ai's accounts, leaving the company with US$5 million, Builder.ai CEO Manpreet Ratia said in an interview on May 21, without giving a clear reason for the seizure.

Viola did not immediately respond to a request for comment left after business hours.