A naukri.com initiative
Inc42
3w
26
Image Credit: Inc42
Behind The Collapse Of Builder.ai, Cost Of 12-Hour Workday & More
- Builder.ai, once backed by giants like Microsoft and QIA, is now grappling with insolvency amid allegations of tech faking and fund round-tripping.
- With weak internal controls and tech lapses, the company faced a creditor's accusations of breaching loan covenants, resulting in layoffs and a mere $5 Mn in funds.
- Builder.ai's downfall began with an AI illusion upheld by non-payroll engineers, leading to client exodus due to subpar software and late deliveries.
- Revenue inflation and mismanagement are evident with adjusted revenue figures being drastically reduced for FY23 and FY24.
- Accusations of faked billing to companies like Josh and DailyHunt parent VerSe Innovations have put Builder.ai under US regulators' scrutiny.
- The article also covers BluSmart's app shutdown, Karnataka's proposal of 12-hour workdays, Meesho's board reorganization, funding rounds for GoKwik and Fabheads, and Darwinbox's ESOP buyback.
- India's progress in AI with over 17,300 GPUs installed is highlighted, along with industry updates like Mirae Ventures' CEO reshuffle.
- The article also features a startup spotlight on ParvAI Labs, focusing on vision intelligence technology for industries like aviation, defence, and logistics.
- ParvAI leverages AI for eye-tracking tech to monitor fatigue, attention, and engagement in humans, aiming to enhance safety and decision-making in critical sectors.
- Usage examples of ParvAI's solutions include DRDO, Pfizer, BARC, FedEx, and ISRO, with plans to tap into India's growing AI market.
- The article delves into the potential of ParvAI's tech stack in reducing errors and optimizing workflows across various industries.
Read Full Article
1 Like
For uninterrupted reading, download the app