Tech Qatar-backed Builder.ai collapses with sales in doubt By Chris Hamill-Stewart May 23, 2025, 4:33 PM Reuters/Brendan McDermid Sachin Dev Duggal, the founder of Builder.ai, which had an office in Dubai and hundreds of employees around the world Dubai office is closed Qatar led $250m funding round Potentially ‘bogus’ sales found A British technology startup funded by the Qatar Investment Authority (QIA) has collapsed after an internal investigation identified potentially bogus sales. In 2023 the QIA sovereign wealth fund led a $250 million late-stage funding round for Builder.ai and, together with Microsoft, was one of its biggest investors. The company raised more than $450 million over its funding history, according to market intelligence platform Tracxn Technologies. Founded in 2012, Builder.ai offered software that allowed non-technical teams to build their own software as “easy as ordering a pizza”. At one point, the company was valued at more than $1 billion. Builder.ai has had an office in Dubai since 2020 and hundreds of employees spread around the world. While it is not clear precisely how many UAE-based employees the company had, multiple people listed on LinkedIn as Builder.ai employees in the UAE have posted that they are searching for new jobs. Builder.ai was the first artificial intelligence company brought onboard by the Dubai Multi Commodities Centre’s AI Centre. The company’s founder, Sachin Dev Duggal, previously spoke with AGBI about AI in the Middle East. The company informed employees earlier this week that it would commence insolvency proceedings after its lenders called a default. Dubai AI leaders call for global regulations The UAE has a mighty backer in AI, but the US gets something too Thirsty for data: water scarcity challenges Gulf’s AI ambitions Lenders stepped in after the company submitted provisional accounts to auditors showing reductions to prior revenue estimates, the Financial Times reported, without identifying sources. According to the FT, these accounts showed that a $220 million estimate for 2024 revenue had been revised down to around $55 million. A previously reported total sales figure of $180 million for 2023 would be restated to roughly $45 million. An internal investigation raised concerns over long-unpaid bills from sales to middlemen claiming to sell on Builder.ai’s products to other clients – particularly those based in the Middle East, the FT reported. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
