10:37 AM EDT, 05/20/2025 (MT Newswires) -- Microsoft ( MSFT ) -backed Builder.ai said Tuesday it will enter insolvency proceedings and appoint an administrator to oversee the company's affairs.

"The business has been unable to recover from historic challenges and past decisions that placed significant strain on its financial position," the company said on LinkedIn.

The announcement was made weeks after the company, which is also backed by the Qatar's sovereign wealth fund, restated its revenue and admitted problems under its past leadership, the Financial Times reported.

Microsoft ( MSFT ) didn't immediately respond to MT Newswires' request for comment.

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