Microsoft-backed Builder.ai collapsed after an internal investigation found evidence of potentially bogus sales and the company revised down revenues to just a quarter of prior estimates.
Builder.ai, one of the UK’s best-funded technology start-ups that raised more than $500mn from prominent backers such as Qatar’s sovereign-wealth fund, informed employees earlier this week that it would commence insolvency proceedings after its lenders called a default.
Lenders stepped in after Builder.ai submitted provisional accounts to its auditor showing large reductions to prior revenue estimates, according to people familiar with the matter.
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