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ETtech Explainer: Why AI startup Builder. ai is filing for bankruptcy despite backing from Microsoft and QIA
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Builder.ai, the British artificial intelligence startup backed by Microsoft and the Qatar Investment Authority (QIA), is filing for bankruptcy after a key lender seized most of its cash reserves, the company’s CEO said.
What triggered the bankruptcy?
Viola Credit, which extended $50 million in debt to the company last year, withdrew $37 million from Builder.ai’s accounts, leaving it with just $5 million, chief executive Manpreet Ratia said in an interview on Tuesday, according to Bloomberg. Ratia did not specify the reason for the seizure.The…
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