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The founder of Builder.ai, Sachin Dev Duggal, triggered investors with a potential offer to buy the failed British software company out of bankruptcy.
The start-up for artificial intelligence supported by Microsoft, which once had over 1 billion USD worth over 1 billion USD Early this week that it would start insolvency proceedings due to “historical challenges and previous decisions”.
Duggal, who resigned as Chief Executive at the beginning of this year, but kept his board position and title “Chief Wizard”, has, according to two people, with knowledge of the discussions to several investors to buy back the company he founded.
Duggal’s most recent field to an investor whose details were shared with the FT gave the opportunity to either acquire the building contractor.
Duggal further explained that he believed that this deal would need more than $ 10 million for initial financing, with 25 million USD being needed before the company has to collect money again.
He also suggested that the company in investors who were willing to invest an assessment of USD 1.8 billion only 90 days ago before the financial confession began seriously.
The main units of Builder.ai are in the USA and in Great Britain with other subsidiaries in regions such as India and Singapore. It is planned to submit several bankruptcy proceedings in several jurisdiction, according to the people familiar with the matter.
All efforts to buy back the company’s assets could, by the fact that Builder.ai promised a large part of his intellectual property to a group of lenders in October. These lenders have contributed to solving the collapse of Builder.ai by recently a failure in this 50 million. -Dollar furnishings have called.
The FT reported at the beginning of this week that Builder.ai collapsed after an internal investigation found evidence of this potentially false sales And pointed out that there may have been concerted efforts to increase income.
Earlier income figures that were previously presented to the board under the leadership of Duggal were strongly written down.
Builder.ai claimed that it could use artificial intelligence to make an app or website as easy as the order of pizza.
This playing field had entered the company some of the best-known technology investors of the World-Darunter Insight Partners and an AI-focused unit of Softbank-over $ 500 million.
The FT reported at the beginning of this week that some of its shareholders submitted $ 75 million at the beginning of this year to save the company because it was exposed to dwindling money credit and increasing debts.
Duggal and builder.ai did not immediately answer inquiries about comments
