Microsoft-backed start-up Builder.ai entering bankruptcy proceedings, FT says

Builder.ai, a U.K. technology start-up backed by Microsoft (MSFT), is entering bankruptcy proceedings after admitting “problems” under its past leadership and restating its revenues, The Financial Times’ Alexandra Heal and Robert Smith report. The company confirmed to the Financial Times that its main unit, Engineer.ai Corporation, “will be entering into insolvency proceedings and will appoint an administrator to manage the company’s affairs.” Builder.ai says it has been “unable to recover from historic challenges and past decisions that placed significant strain on its financial position.”