Bengaluru, May 22 -- Once hailed as a pioneer in the low-code/no-code (LCNC) movement, London-based Builder.ai, formerly known as Engineer.ai, has filed for insolvency.

Founded in 2016 by Sachin Dev Duggal and Saurabh Dhoot, two entrepreneurs from India's national capital region, Builder.ai raised around $450 million from top-tier investors, including SoftBank's DeepCore, Microsoft, Qatar Investment Authority, Insight Partners, International Finance Corporation (IFC), Lakestar, Jungle Ventures, and Iconiq Capital.

Their value proposition was simple yet ambitious: make app development "as easy as ordering pizza" by enabling users to build custom applications without needing to write code.

However, the startup, valued at $1.7 billion at ...