Core Viewpoint - The rise and fall of Builder.ai exemplifies the dangers of narrative-driven investment in the AI sector, where the allure of technology often overshadows the reality of business practices and financial integrity [3][12]. Group 1: Company Background - Builder.ai was founded in 2016 by Sachin Dev Duggal, an engineer with a notable background, including early achievements in technology and entrepreneurship [4]. - The company initially positioned itself as a low-code development platform aimed at small and medium enterprises, promoting an AI assistant named "Natasha" as its technological core [5]. - Builder.ai attracted significant investment, including a $29.5 million Series A round led by SoftBank in 2018, and later secured $195 million in Series B funding in 2022 [6]. Group 2: Financial Misconduct - In 2024, internal audits revealed that Builder.ai had inflated its 2023 revenue by 20%-25%, leading to a drastic reduction in its 2024 revenue forecast from $220 million to $55 million [7]. - The company faced severe financial distress, culminating in its bankruptcy declaration in May 2025, with outstanding debts of $850 million to Amazon and $300 million to Microsoft [8]. - Allegations surfaced that Builder.ai had been misrepresenting its financial performance for years, with former employees claiming that the company had inflated sales figures by over 300% [8][9]. Group 3: Industry Implications - Builder.ai's collapse highlights a broader issue within the AI investment landscape, where the hype surrounding AI technologies often leads to a lack of due diligence among investors [12]. - The case draws parallels to other high-profile frauds in the tech industry, such as Theranos and Wirecard, indicating a pattern of misleading narratives attracting significant capital [10][11]. - The rapid growth of AI funding, which increased by 470% from 2020 to 2024, contrasts sharply with the low commercialization success rate of only 9%, suggesting a disconnect between investment enthusiasm and actual technological viability [12].

世纪诈骗案"坏血"的续集来了，而且尤为大胆。 据报道，前 " 女版乔布斯 " ，现在服刑的"坏血"欺诈案主角伊丽莎白 · 霍尔姆斯 (Elizabeth Holmes) 的伴侣比利 · 埃文斯 (Billy Evans) ，正在悄悄地创建自己的健康科技初创公司，并称该公司代表着 " 健康检测的未来 " 。 2016 年，伊丽莎白 · 霍尔姆斯创办的血液检测公司"一滴血" Theranos 涉嫌欺诈被调查， 2022 年美国联邦陪审团裁定她四项欺诈罪名 成立，不光 45 亿美元财富和估值 90 亿美元的公司灰飞烟灭，还因此锒铛入狱。 以下文章来源于投中网 ，作者张雪 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识和洞见，在私募股权投资行业和创新商业领域拥有 权威影响力。官网：www.chinaventure.com.cn 如今她的伴侣埃文斯试图卷土重来，据报道，埃文斯正在为新公司进行融资，目标 5000 万美元（约 3.6 亿人民币），并强调并不是想 搞"坏血 2.0 "。目前，他已经从家人、朋友那里筹来了数百万美元。 01 见"这不是Theranos 2 ...

Core Viewpoint - The article discusses the emergence of a new health tech startup, Haemanthus, founded by Billy Evans, the partner of Elizabeth Holmes, who was convicted in the Theranos fraud case. The company aims to innovate in health diagnostics while distancing itself from the Theranos scandal. Group 1: Company Background - Haemanthus is focused on animal testing and pet healthcare, with plans to expand into human diagnostics. The company was established in February 2024 and currently employs around ten staff members and over twenty consultants, including veterinarians and diagnosticians [2]. - The company has recently obtained its first patent for a small box-shaped machine that uses laser technology to analyze blood, saliva, or urine samples for diagnosing diseases [3]. Group 2: Funding and Investment Challenges - Haemanthus is seeking to raise $50 million (approximately 360 million RMB) for its operations, having already secured several million dollars from family and friends [1]. - Notable investors, including James W. Breyer and Michael Dell, have declined to invest in Haemanthus, citing concerns over the scientific validity and clinical applicability of the proposed technology [4][5]. Group 3: Comparison with Theranos - The company’s product development timeline is projected to take three years and require $70 million, which raises skepticism among potential investors [4]. - Haemanthus's approach and product concept bear similarities to Theranos, particularly in its ambition to create a compact, wearable diagnostic device [4]. Group 4: Leadership and Team Concerns - The management team of Haemanthus includes members from Luminar, a struggling autonomous vehicle company, raising concerns about their experience in the health tech sector [9]. - Billy Evans, the founder, has a background in hospitality and limited experience in biotechnology, which has led to worries about his capability to lead a health tech startup [9].