A Billion Dollar AI Startup Just Collapsed Spectacularly

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The story "A Billion Dollar AI Startup Just Collapsed Spectacularly" was covered 21 hours ago by Futurism, a news publisher based in United States.

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Futurism 21h ago

A Billion Dollar AI Startup Just Collapsed Spectacularly - Futurism

Quick Summary:

As the artificial intelligence industry struggles with ever-rising costs — not to mention a steady uptick in hallucinations — investors are getting impatient.

One investment firm went as far as seizing $37 million from accounts owned by Builder.ai, a UK-based AI startup.Builder.ai was previously one of the most well funded tech startups in the UK, with tens of millions of dollars in backing from Microsoft and the Qatari government.

That left the company with just $5 million, according to Bloomberg, prompting its senior lenders to place it into default.