Kevin BeaumontMay 20
Another one bites the dust https://www.ft.com/content/9fdb4e2b-93ea-436d-92e5-fa76ee786caa
Microsoft-backed UK tech unicorn Builder.ai collapses into insolvency

Once high-flying group founded by Sachin Dev Duggal says its was unable to recover from ‘past decisions’

Financial Times
Show threadKevin BeaumontMay 20

The builder.ai story is wild. Microsoft put almost half a billion dollars into them (and lost it all). Everything crumbled when the Financial Times did a tiny amount of research on them, and realised their accounts were signed off a friend of the CEO. As soon as they hired a real auditor, they collapsed.

https://sifted.eu/articles/builder-ai-auditor-founder-news

Show threadKevin BeaumontMay 24
After hiring a real auditor, the auditor found builder.ai faked three quarters of its sales. https://www.ft.com/content/926f4969-fda7-4e78-b106-4888c8704bda
Microsoft-backed Builder.ai collapsed after finding potentially bogus sales

Failed UK start-up revised down revenues to just a quarter of prior estimates

Financial Times
Show threadKevin BeaumontMay 24

A journalist investigating this told me they’re looking at various other AI companies off the back of this - and all share similar close links to their auditors so far.

So strap in, and prepare to be shocked dot GIF.

Show threadAI6YR BenMay 24
@GossiTheDog LOL bonus points if they used AI to fudge the books?
Show threadOlivier Mehani
@ai6yr @GossiTheDog Oooooh AI accountants. It's not fudging if you are hallucinating the books.
May 24 at 5:14amWeb