Troubled AI Unicorn Builder.ai To File For Bankruptcy

Builder.ai’s parent, Engineer.ai Corporation, will be “entering into insolvency proceedings” and has appointed an administrator to “manage the company’s affairs”

Viola Credit, which extended $50 Mn debt to the company last year, seized $37 Mn from Builder.ai’s accounts leaving it with just $5 Mn

CEO Manpreet Ratia said the company’s cash reserves had dwindled to about $7 Mn when he joined as a CEO in March this year, replacing cofounder Sachin Dev Duggal

Weeks after Builder.Ai admitted “problems”…