Sad but true !! Can u believe it
Unbelievable. A $1.5B AI unicorn just collapsed and it was never really AI.
Builder.ai, a startup that raised nearly $500 million from top-tier backers like Microsoft, SoftBank, and Qatar Investment Authority, has now laid off its entire workforce and is entering insolvency.
Here’s the kicker
The so-called "AI backend" wasn’t artificial intelligence at all. It was reportedly a group of developers in India manually writing code while pretending it was generated by AI
Even worse, the CEO Sachin Dev Duggal is being accused of reporting fake revenues to investors.This went on for eight years
One of the biggest losses came from Qatar’s sovereign wealth fund, which led a $250 million round just two years ago
This could become one of the biggest AI fraud cases the industry has seen in recent memory.
