Microsoft-backed Builder.ai collapsed after finding potentially bogus sales

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The builder with Microsoft support.

Builder.Aai, one of the best funded technological starts of the UK, which increased more than $ 500 million from the basket’s sovereign wealth fund, informed employees earlier this week Start Insolvency Proceedings After his lenders called the default.

Lenders walked after Builder: Presented temporary accounts to his auditor, which shows large reductions from previous revenues, according to the people familiar to that question.

These figures have shown that the initial 220 million calculations for the income of 2024 have been revised about $ 55 million, and 2023 previously reported to $ 180 million will be restored about $ 45 million, increased by about $ 45 million.

The figures of these initial revenues were previously presented to the council headed by Sachin de de Kugal, the founder of the technological launch. At the beginning of this year, he entered the Chief Executive Officer, along with the company’s main revenue, the shower of the company. However, Duggal preserved a place of the board and the honorary title of “Miracle Wonderworker”.

One of the problems preceded by Dougal was that the previously saved sales remained incomprehensible for many long periods, according to the people familiar with the question.

These long-term unpaid payments have been concerned about the company’s revenue recognition and the Boilder.AI board and new management to obtain a legal enterprise to conduct an internal examination.

As a result of this investigation, the company’s top management and other stakeholders have raised serious questions about the validity of previously registered revenues, according to the report of the report. The law firm noted that there may be attempts to consolidate construction income.

The investigation focused on the so-called “resellers” – Middlme, which claimed that it was sold to customers by the builders, particularly in some Middle East. The results of the investigation have caused concern if some of these resellers were not real, two people familiar with the report reported.

Builder.AI claimed to use artificial intelligence, the process of making the process of making the process of building an app or site.

This playing field was painted with blue-chip rears such as Microsoft, which claims to be at the frontline of ai boom with ChatGPT Maker Openai funding.

Financial times before Gives: The fact that the company borrowed $ 50 million from the syndicate of $ 50 million focused companies, which initiated the insolvency of the builder, capturing its funds at the beginning of this month.

This Conditioner’s Syndicate was led by a violin loan, ATEMPO’s growth and Kadma’s capital partners, according to those who acquainted with the problem, which supports the giant global global management of private capital.

Builder.AI refused to comment, adding that it “focused on proper wind and maintenance for workers.” CADMA CAPITAL refused to comment. Duggal, Cherian and other lenders have not answered comment requests.