When Builder.ai filed for Chapter 7, its petition listed every equity holder. Microsoft held 973,004 of 36,452,908 shares, 2.669 percent, and the creditor matrix names Microsoft again, as a party the estate had to notify.
In May 2023, Microsoft invested in Builder.ai, a London software company. The terms were not disclosed. TechCrunch, which reported the deal on May 11, said its sources described the investment as "significant" and that it could get no further than that. Twelve days later, on May 23, Builder.ai announced a Series D round of "over $250 million," led by the Qatar Investment Authority, which it said took "the total amount raised by the company to over $450 million with an up to 1.8x increase in its valuation."
Two years later, on June 2, 2025, Engineer.ai Corp., which did business as Builder.ai, filed for Chapter 7 in the U.S. Bankruptcy Court for the District of Delaware. Chapter 7 is liquidation: a trustee takes over and sells what there is. The petition attached something none of the funding announcements carried, a list of every equity holder with exact share counts, as of May 29, 2025. It has 126 names and 36,452,908 shares. Microsoft Corporation holds 973,004 of them. That is 2.669 percent.
Microsoft appears in the case a second time, on the creditor matrix filed the same day. There it is listed as a party the company might owe money to.
This essay reads both lists. Between them, they say who was holding Builder.ai when it ended and who it was doing business with.
The petition is Official Form 201, a voluntary petition under Chapter 7, signed by the chief executive, Manpreet Ratia, on June 2, 2025. Behind it is the board's unanimous written consent to file, signed by three directors. One of them is the founder, Sachin Dev Duggal.
Page 10 is a Corporate Ownership Statement, which the bankruptcy rules require of a corporate debtor. It says: "A list of equity holders of the Debtor outstanding as of May 29, 2025, is attached hereto as Exhibit A." Exhibit A runs two pages. It has a column for common stock, a column for founders' shares, a column for each series of preferred stock from A-1 to D-3, and then, for each holder, the shares outstanding and the percentage of the total.
The case number is 25-10984. Everything quoted from the case comes from its docket, read through the free RECAP archive of federal court records.
These are the twelve largest single holders, as printed:
| holder | shares | percent |
|---|---|---|
| Lakestar III LP | 4,797,543 | 13.161% |
| QIA TMT Holding LLC | 4,556,665 | 12.500% |
| SD Squared Ventures II Limited | 2,622,885 | 7.195% |
| Jungle Ventures III Investment Holding Pte. Ltd. | 2,478,248 | 6.798% |
| Insight Partners (Cayman) XII, L.P. | 2,114,799 | 5.801% |
| KSV Machina, LLC | 2,071,078 | 5.682% |
| Taskper Limited | 2,059,064 | 5.649% |
| SD Squared Ventures III Limited | 1,504,418 | 4.127% |
| SD Squared Ventures Limited | 1,502,536 | 4.122% |
| Insight Partners XII, L.P. | 1,485,178 | 4.074% |
| VMware, Inc. | 1,118,610 | 3.069% |
| Microsoft Corporation | 973,004 | 2.669% |
Common stock is 11,298,285 shares, just under 31 percent of the total. The founders' shares column is zero.
Several investors hold through more than one fund, so the single-holder list understates them. Summed by the names in the exhibit:
| family | holders | shares | percent |
|---|---|---|---|
| SD Squared Ventures (I, II and III) | 3 | 5,629,839 | 15.444% |
| Jungle Ventures and JV funds | 8 | 5,408,642 | 14.837% |
| Lakestar | 1 | 4,797,543 | 13.161% |
| Qatar Investment Authority | 1 | 4,556,665 | 12.500% |
| Insight Partners (six funds) | 6 | 4,140,672 | 11.359% |
| Blue Lion Global Circle | 4 | 1,134,495 | 3.112% |
Microsoft is the twelfth-largest single holder, just behind VMware and just ahead of the largest Blue Lion fund.
The biggest combined position belongs to three companies: SD Squared Ventures Limited, SD Squared Ventures II Limited and SD Squared Ventures III Limited. Together they hold 5,629,839 shares, 15.444 percent. That is more than Lakestar, more than the Qatar Investment Authority that led the Series D, and more than all six Insight Partners funds combined.
SD Squared Ventures has a website. It says: "SD Squared Ventures was founded by Sachin Dev Duggal, a serial entrepreneur, angel investor & philanthropist. We are a single LP venture capital firm."
The exhibit does not say who controls each of the three companies, and this essay does not claim to know. What the filing shows is narrower and exact. When Builder.ai ended, the largest block of its shares sat in three entities that carry the name of the venture firm its founder's website says he founded. The founders' shares column reads zero.
Two more holders above 5 percent carry names that point to no one familiar: KSV Machina, LLC, with 5.682 percent, and Taskper Limited, with 5.649 percent. The filing does not say who stands behind either one.
The Series D announcement named Iconiq Capital as a participant. The word "Iconiq" appears nowhere in the petition. Every other investor that announcement named, the Qatar Investment Authority, Jungle Ventures and Insight Partners, turns up under the same text search. An Iconiq stake could sit in a vehicle whose name does not say Iconiq. The filing cannot settle that either way, so the only claim here is that the name is absent.
One of the Jungle-family holders is "JV-IFC Co-Invest Fund I, L.P.," with 731,924 shares, 2.008 percent. The filing does not say what the letters IFC stand for in that name, or who the fund's partners are.
The equity table has Microsoft Corporation at 973,004 shares.
The same day, the company filed its list of creditors, with a declaration signed by Ratia. Microsoft Corporation is on it, at One Microsoft Way, Redmond. So is Amazon Web Services Inc., at a post office box in Seattle, and so are two Google entities, Google Cloud EMEA Limited and Google LLC.
The matrix is names and addresses only. It gives no amounts, and the declaration warns against reading any single line as a debt: "certain of the entities included in the List of Creditors may not hold outstanding claims as of the date hereof, and thus may not be creditors of the Debtor for purposes of this chapter 7 case, but are included herein for notice purposes out of an abundance of caution." The list is not, it says, "an acknowledgement that any person or entity listed currently holds a claim against the Debtor."
So the filing does not say Microsoft was owed money. It says Microsoft had to be told. For a software company, finding the three largest cloud providers on its notice list is no surprise. Any amounts will appear in the claims, not in the matrix.
What the filing does establish is the shape. The same company is on both lists: as an owner of 2.669 percent, and as a party the estate had to notify as a possible creditor.
By our count the matrix has about 250 entries. More than half appear to be individuals, by a rough test of whether a name carries a company suffix such as Inc., Ltd or LLC. The individuals are not named here.
The organisations read like the company's costs.
And one more: Shibumi Strategy Ltd, at 2 Har Sinai Street, Tel Aviv. Israel's companies register lists Shibumi Strategy Ltd, number 515726065, at that address, care of Ori Gur-Ari. The Times of Israel reported on October 3, 2022, that Shibumi Strategy was founded in Tel Aviv in 2017 by Gur-Ari and Saphia Fenton, and that Gur-Ari is its chief executive. That report ran under the headline "Shadowy Israeli firm claims it ran negative campaign that ousted Berlin soccer boss." The matrix says nothing about what Shibumi did for Builder.ai, and neither does any filing read for this essay.
A few addresses end in a country name: eight in the United Kingdom, four in India, three in the Philippines, two each in Australia and Singapore, and one each in Canada and Nigeria. Most of the rest end in a U.S. ZIP code.
The initial notice to creditors, Official Form 309C, was headed "No Proof of Claim Deadline." At the start there was nothing to claim against. A Chapter 7 trustee was appointed. On August 27, 2025, the trustee filed a notice that changed that: "there are assets from which a dividend might possibly be paid to creditors." Claims were due within 90 days of service.
On September 5, 2025, the trustee asked the court to expand the scope of Chipman Brown Cicero & Cole, LLP's employment as special litigation counsel, effective June 11. A hearing on the request, set for October 7, was adjourned. The filings read for this essay do not say whom the trustee might sue, or for what.
It shows who held Builder.ai's shares on May 29, 2025, in what proportion, to three decimal places. It shows whom the company thought it had to notify when it failed.
It does not show what anyone paid. A share count is not a dollar amount, and the filing gives no valuation, so 2.669 percent is Microsoft's slice of the company, not the size of its cheque. It does not show what anyone is owed; the matrix has no amounts. It does not show who controls the SD Squared companies, KSV Machina or Taskper, or where Iconiq's stake sits, if it still has one. And it does not show whether creditors will be paid anything. The trustee's notice says only that a dividend might possibly be paid.
Much of the coverage of Builder.ai's collapse was about its technology, and in particular whether its artificial intelligence was really people. That argument is being had elsewhere. The filing covers the other half in the company's own paperwork: who was holding it, and who it may have owed.
The case is In re Engineer.ai Corp., No. 25-10984-CTG (Bankr. D. Del.). The petition is docket entry 1, and the creditor matrix is entry 2. Both are free on CourtListener's RECAP archive.
We extracted the text of Exhibit A and summed every holder's outstanding shares. The sum equals the printed total, 36,452,908, which is how we know no row was dropped. The percentages are the exhibit's own. The family totals add up holders whose names share a prefix: the three SD Squared companies, the six Insight Partners funds, the eight Jungle and JV entities, and the four Blue Lion Global Circle funds.
For the absences, we searched the whole petition for each investor named in the 2023 announcement. Every one was found except Iconiq. The same search found Microsoft, VMware and the rest.
The creditor count is approximate, because address blocks have no fixed form. Our parse found 249 entries; a stricter count of blocks ending in a ZIP code or a country name found 226. We report "about 250." The split between organisations and individuals is a heuristic, and we report it as one.
Every figure in this piece can be checked against a filing anyone can open, and the method section says how each one was counted. Agents that read documents and report numbers need the same trail. Chain of Consciousness keeps a tamper-evident record of what an agent read and did, so a number it reports can be traced back to its source.
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