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iLearningEngines

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uuid00021oj

Namestring
iLearningEngines
Legal namestring
iLearningEngines Inc.
Websiteurl
ilearningengines.com
Company typeenum
Public
Founded yearint
2010
Descriptiontext

iLearningEngines was a Maryland-based technology company that marketed an AI-powered learning and work automation platform to enterprise customers. Its core offering combined AI-driven learning and work automation capabilities, and the company expanded its portfolio in April 2022 by acquiring in2vate, an education technology firm. The company went public on Nasdaq under ticker AILE in April 2024 via a SPAC merger with Arrowroot Acquisition Corp, raising approximately $93 million at a peak valuation of $1.5 billion and subsequently securing an additional $20 million debt facility in June 2024 from East West Bank and Valley National Bank.

Operationally, iLearningEngines employed 101–250 staff and served North American enterprise customers, though no specific customer logos, pricing model, marketing channels, or distribution channels are documented in available sources. Federal prosecutors now allege that at least 90% of the company's reported $421 million in 2023 revenue was fabricated through sham contracts with insider-controlled entities and round-trip fund transfers. The company filed for Chapter 11 bankruptcy in December 2024 and converted to Chapter 7 liquidation in March 2025 with over $50 million in unpaid liabilities. Founder and former CEO Puthugramam (Harish) Chidambaran and former CFO Sayyed Farhan Ali Naqvi were indicted in April 2026 by the Eastern District of New York on 10 counts including securities fraud, wire fraud, and operating a continuing financial crimes enterprise.

Short descriptiontext

iLearningEngines was a Maryland-based enterprise technology company that marketed an AI-powered learning and work automation platform. It went public on Nasdaq (AILE) in April 2024 before collapsing into Chapter 7 liquidation in March 2025 following federal fraud indictments.

Operating statusenum
Closed
Ownership categoryenum
Headcount rangeband
101–250
akta.pro rankint
HeadquartersBethesda, United States
HQ citystring
Bethesda
HQ countrystring
United States
HQ regionstring
North America
Markets served

Serves global market

Offices1 record

Each record includes

City, Country, Type, Description, Source

Keyword5 values
enterprise learning platform, AI work automation, training as a service, corporate learning software, learning management system
Industry2 codes
1Interactive Practice & Skill-Building (Drills, Games, Mastery Practice)
CodeEDAFACACPrimaryYes
2AI Integration & Orchestration Platforms (Connectors, Workflow, iPaaS for AI)
CodeHDAEANAIPrimaryNo
NAICS code3 codes
  • Professional and Management Development Training61143
  • Educational Support Services61171
  • Computer Training61142
SIC code2 codes
  • Services-Prepackaged Software7372
  • Services-Computer Programming Services7371
Product category
Enterprise Learning & Automation Software
Cost components4 values
Personnel, Technology or R&D, Marketing or Sales, Operations
GTM typeB2B
B2B
Offering typeSoftware
Software
Core offering1 text field

iLearningEngines operated an AI-powered learning and work automation platform sold to enterprise customers to drive adoption of mission-critical outcomes and behaviors. The company also offered education-technology capabilities through its acquired subsidiary in2vate.

Differentiator
Functional benefit
Problem solved
Product overview1 text field

iLearningEngines operated as a unified AI platform company offering an AI-powered learning and work automation platform as its core product. The company expanded its portfolio through the acquisition of in2vate in April 2022, which added education technology capabilities to its offerings. The company subsequently went public on NASDAQ in April 2024 but later filed for bankruptcy protection in December 2024, converting to Chapter 7 liquidation in March 2025 following fraud allegations.

Product and service1 record
1AI-Powered Learning and Work Automation Platform
Scale indicator5 records

Each record includes

Type, Value, Description, Source

Partnership1 partner
1in2vate
Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2022-04-04
Description

iLearningEngines acquired in2vate to expand its portfolio in the education technology sector. The acquisition was intended to enhance iLearningEngines' market position and service offerings.

Recent move7 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight4 records

Each record includes

Type, Description

Peers8 records
1Docebo
TypeDirect peer
Description

AI-powered enterprise learning platform offering learning management and AI-driven personalization. Closest comparable in terms of product positioning (AI-powered learning platform) and target market (enterprise L&D buyers) to what iLearningEngines marketed.

2Cornerstone OnDemand
TypeDirect peer
Description

Enterprise learning and talent management platform serving HR and L&D teams at large organizations. Comparable to iLearningEngines' marketed enterprise learning and work automation platform.

3Degreed
TypeDirect peer
Description

Skill development and learning experience platform with AI-driven learning paths and skill-building workflows. Competes in the same enterprise learning and AI-personalization space.

4SAP Litmos
TypeDirect peer
Description

Corporate learning management system with AI features for training delivery and skill-building at enterprise scale. Direct competitor in the enterprise LMS and corporate training space.

5Skillsoft
TypeDirect peer
Description

Enterprise corporate training and talent development provider offering structured learning content and AI-powered learning paths. Comparable in delivering enterprise learning outcomes for workforce development.

6Workday Learning
TypeBroad incumbent
Description

Learning module within Workday's broader HCM platform, serving enterprise customers with integrated learning functionality. Represents the broad incumbent path for enterprise learning that bundles LMS into a wider HR suite.

7Pluralsight
TypeDirect peer
Description

Technology skill development platform with AI-driven learning paths, serving enterprise customers for workforce upskilling. Competes in the same AI-powered enterprise learning and skill-building space.

8Absorb Software
TypeDirect peer
Description

Cloud-based learning management system with AI-powered features for enterprise and mid-market customers. Direct competitor in the LMS and enterprise learning automation space.

Market position
Weaknesses5 records

Each record includes

Headline, Details, Source

Competitive moat3 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights2 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Segment1 record

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile1 record

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
Yes
API detail
Has APIbool
No

Docs URL, Description

AI capability1 record

Each record includes

Type, Description, Source

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles3 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

Subsidiaries1 record

Each record includes

Name, Acquired on, Relationship type, Type, Business focus

No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds1 record

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors1 record

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

iLearningEngines

Enterprise Learning & Automation Softwareilearningengines.com

iLearningEngines was a Maryland-based enterprise technology company that marketed an AI-powered learning and work automation platform. It went public on Nasdaq (AILE) in April 2024 before collapsing into Chapter 7 liquidation in March 2025 following federal fraud indictments.

What iLearningEngines does

iLearningEngines was a Maryland-based technology company that marketed an AI-powered learning and work automation platform to enterprise customers. Its core offering combined AI-driven learning and work automation capabilities, and the company expanded its portfolio in April 2022 by acquiring in2vate, an education technology firm. The company went public on Nasdaq under ticker AILE in April 2024 via a SPAC merger with Arrowroot Acquisition Corp, raising approximately $93 million at a peak valuation of $1.5 billion and subsequently securing an additional $20 million debt facility in June 2024 from East West Bank and Valley National Bank.

Operationally, iLearningEngines employed 101–250 staff and served North American enterprise customers, though no specific customer logos, pricing model, marketing channels, or distribution channels are documented in available sources. Federal prosecutors now allege that at least 90% of the company's reported $421 million in 2023 revenue was fabricated through sham contracts with insider-controlled entities and round-trip fund transfers. The company filed for Chapter 11 bankruptcy in December 2024 and converted to Chapter 7 liquidation in March 2025 with over $50 million in unpaid liabilities. Founder and former CEO Puthugramam (Harish) Chidambaran and former CFO Sayyed Farhan Ali Naqvi were indicted in April 2026 by the Eastern District of New York on 10 counts including securities fraud, wire fraud, and operating a continuing financial crimes enterprise.

iLearningEngines firmographics

Firmographics
Name
iLearningEngines
Legal name
iLearningEngines Inc.
Website
https://ilearningengines.com
Company type
Public
Founded year
2010
Operating status
Closed
Headcount range
101–250 employees
Short description
iLearningEngines was a Maryland-based enterprise technology company that marketed an AI-powered learning and work automation platform. It went public on Nasdaq (AILE) in April 2024 before collapsing into Chapter 7 liquidation in March 2025 following federal fraud indictments.
Ownership category
akta.pro rank

iLearningEngines industry classification

Industry
Product category
Enterprise Learning & Automation Software
NAICS
Professional and Management Development Training (61143), Educational Support Services (61171), Computer Training (61142)
SIC
Services-Prepackaged Software (7372), Services-Computer Programming Services (7371)
akta.pro primary industry
Interactive Practice & Skill-Building (Drills, Games, Mastery Practice) (EDAFACAC)
akta.pro secondary industry
AI Integration & Orchestration Platforms (Connectors, Workflow, iPaaS for AI) (HDAEANAI)

Keywords

  • Enterprise learning platform
  • AI work automation
  • Training as a service
  • Corporate learning software
  • Learning management system

Where iLearningEngines is headquartered

Location

Headquarters

HQ city
Bethesda
HQ country
United States
HQ region
North America

Offices1 record

Markets served

iLearningEngines business model

Business model
GTM type
B2B
Offering type
Software
Cost components
Personnel, Technology or R&D, Marketing or Sales, Operations

iLearningEngines product offering

Product offering

Core offering

iLearningEngines operated an AI-powered learning and work automation platform sold to enterprise customers to drive adoption of mission-critical outcomes and behaviors. The company also offered education-technology capabilities through its acquired subsidiary in2vate.

Product overview

iLearningEngines operated as a unified AI platform company offering an AI-powered learning and work automation platform as its core product. The company expanded its portfolio through the acquisition of in2vate in April 2022, which added education technology capabilities to its offerings. The company subsequently went public on NASDAQ in April 2024 but later filed for bankruptcy protection in December 2024, converting to Chapter 7 liquidation in March 2025 following fraud allegations.

Differentiator

Problem solved

Functional benefit

Products and services

  • AI-Powered Learning and Work Automation Platform

Companies that use iLearningEngines

Customer profile

Segments1 record

Ideal customer profiles1 record

iLearningEngines technology and API

Technology

Technology focussed Yes

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

AI capability1 record

iLearningEngines partnerships and signals

Strategic signal

Partnerships

One partnership is on record.

  • in2vatecoreStrategic or Co-development Partner · 4 April 2022iLearningEngines acquired in2vate to expand its portfolio in the education technology sector. The acquisition was intended to enhance iLearningEngines' market position and service offerings.

Scale indicators5 records

Recent moves7 records

Expansion highlights4 records

iLearningEngines competitors and assessment

Company assessment

Direct peers

  • Docebo: AI-powered enterprise learning platform offering learning management and AI-driven personalization. Closest comparable in terms of product positioning (AI-powered learning platform) and target market (enterprise L&D buyers) to what iLearningEngines marketed.
  • Cornerstone OnDemand: Enterprise learning and talent management platform serving HR and L&D teams at large organizations. Comparable to iLearningEngines' marketed enterprise learning and work automation platform.
  • Degreed: Skill development and learning experience platform with AI-driven learning paths and skill-building workflows. Competes in the same enterprise learning and AI-personalization space.
  • SAP Litmos: Corporate learning management system with AI features for training delivery and skill-building at enterprise scale. Direct competitor in the enterprise LMS and corporate training space.
  • Skillsoft: Enterprise corporate training and talent development provider offering structured learning content and AI-powered learning paths. Comparable in delivering enterprise learning outcomes for workforce development.
  • Pluralsight: Technology skill development platform with AI-driven learning paths, serving enterprise customers for workforce upskilling. Competes in the same AI-powered enterprise learning and skill-building space.
  • Absorb Software: Cloud-based learning management system with AI-powered features for enterprise and mid-market customers. Direct competitor in the LMS and enterprise learning automation space.

Broad incumbents

  • Workday Learning: Learning module within Workday's broader HCM platform, serving enterprise customers with integrated learning functionality. Represents the broad incumbent path for enterprise learning that bundles LMS into a wider HR suite.

Market position

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights2 records

Customer concentration

iLearningEngines social profiles

Digital presence

iLearningEngines financial estimates

Financial estimate

Revenue estimate

Valuation estimate

iLearningEngines leadership team

Management profile

Number of profiles

Profiles3 records

iLearningEngines subsidiaries and ownership

Company hierarchy

Subsidiaries1 record

iLearningEngines funding detail

Funding detail

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

iLearningEngines M&A and investment

M&A and investment

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about iLearningEngines

What does iLearningEngines do?

iLearningEngines operated an AI-powered learning and work automation platform sold to enterprise customers to drive adoption of mission-critical outcomes and behaviors. The company also offered education-technology capabilities through its acquired subsidiary in2vate.

Is iLearningEngines a public or private company?

iLearningEngines is a public company. It is classified as public and is currently closed.

When was iLearningEngines founded?

iLearningEngines was founded in 2010. It employs 101 to 250 people.

Where is iLearningEngines based?

iLearningEngines is headquartered in Bethesda, United States, in the North America region.

Who are iLearningEngines's main competitors?

Direct peers on record are Docebo, Cornerstone OnDemand, Degreed, SAP Litmos, Skillsoft, Pluralsight and Absorb Software. Workday Learning is listed as a broad incumbent.

Does iLearningEngines have an API?

No public API is recorded for iLearningEngines.

What industry is iLearningEngines in?

iLearningEngines's product category is Enterprise Learning & Automation Software. Its primary akta.pro industry code is EDAFACAC, Interactive Practice & Skill-Building (Drills, Games, Mastery Practice), with a secondary code of HDAEANAI, AI Integration & Orchestration Platforms (Connectors, Workflow, iPaaS for AI). Its NAICS code is 61143 and its SIC code is 7372.

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Live signals
FuturismVC-Funded Startups Linked to Persistent FraudA joint study by Imperial College and Emlyon Business School analyzed 12 VC-funded startups involved in 27 court cases, revealing a pattern of fraud that resulted in $688 million in losses and 73 years of cumulative prison sentences. The research identified three types of 'façading,' with examples including Builder.ai for surface façading and iLearning Engines for reinforced façading involving fabricated revenues.Inc.Executives of Troubled AI Automation Company Arrested in Massive Fraud SchemePuthugramam Chidambaran, founder and former CEO, and Sayyed Farhan Ali Naqvi, former CFO, of AI automation company iLearningEngines have been indicted by the Eastern District of New York on 10 counts including financial crimes, securities fraud, wire fraud, and conspiracy to commit securities fraud. Federal prosecutors allege that at least 90% of the company's reported $421 million revenue in 2023 was fabricated, and that the defendants exploited investor excitement around AI to present false financial outlooks. The company, which raised nearly $93 million in an IPO in April 2024 and achieved a $1.5 billion valuation, subsequently filed for Chapter 11 bankruptcy in December 2024 and Chapter 7 liquidation in March 2025.Financial Express$421M AI business scam: How 2 Indian-origin tech executives ‘inflated’ revenue through ‘sham contracts’ in USTwo Indian-origin executives—Harish Chidambaran (former CEO) and Farhan Naqvi (former CFO) of iLearningEngines Inc.—were charged with a multi-year fraud scheme that falsely inflated the company's revenue by $421 million through sham contracts with entities they controlled. The scheme, which exploited investor enthusiasm around AI, collapsed after an investment research firm exposed the misrepresentation in August 2024, causing the company's stock to plummet and leading to Chapter 11 bankruptcy in December 2024, later converting to Chapter 7 liquidation in March 2025 with over $50 million in unpaid liabilities.WebProNewsAI Mirage: How iLearningEngines Execs Fabricated $421 Million in Revenue Before Epic CollapseFederal prosecutors in Brooklyn indicted Puthugramam Chidambaran, founder and former CEO of iLearningEngines Inc., and Sayyad Farhan Ali Naqvi, former CFO, for allegedly fabricating approximately $421 million in 2023 revenue through round-trip cash flows and sham contracts with insider-controlled entities, with prosecutors stating that at least 90% of reported revenue was fake. The company went public on Nasdaq in April 2024, achieving a $1.5 billion valuation before collapsing into Chapter 11 bankruptcy in December 2024 and converting to Chapter 7 liquidation in March 2025. The indictment cites 10 counts including securities fraud, wire fraud, and running a continuing financial crimes enterprise, with the U.S. Attorney characterizing the company's AI-powered customer base and revenue claims as entirely fabricated.The Times of IndiaEx-CEO, ex-CFO of bankrupt AI company charged with fraud, ETHRWorldThe former CEO and CFO of AI company iLearningEngines were charged in a 10-count federal indictment with running a continuing financial crimes enterprise, securities fraud, wire fraud, and related conspiracy charges for allegedly fabricating virtually all of the company's customer relationships and revenue. According to prosecutors, the defendants used forged sham contracts and "round trip" transfers of investor and lender funds to manufacture revenue, with at least 90% of the company's $421 million reported revenue in 2023 being fabricated. The company went public in April 2024, peaked at a $1.5 billion market value on Nasdaq, and subsequently filed for Chapter 11 bankruptcy protection in December 2024 before converting to Chapter 7 liquidation in March 2025.Investing.comEx-CEO, ex-CFO of bankrupt AI company charged with fraud By ReutersThe former CEO and CFO of AI company iLearningEngines were indicted on fraud charges in a New York federal court for fabricating virtually all of the company's customer relationships and revenue, including at least 90% of its $421 million in reported 2023 revenue. Prosecutors allege the defendants used forged sham contracts and "round trip" transfers of investor and lender funds to manufacture false revenue figures. The company went public in April 2024, peaked at a $1.5 billion market valuation on Nasdaq before collapsing into bankruptcy, and is now being liquidated.YahooEx-CEO, ex-CFO of bankrupt AI company charged with fraudThe former CEO and CFO of AI company iLearningEngines were indicted on fraud charges, accused of fabricating virtually all of the company's customer relationships and revenue using forged contracts and circular fund transfers. Prosecutors allege that at least 90% of iLearning's $421 million reported revenue in 2023 was fabricated, with the company going public in April 2024 and peaking at a $1.5 billion market value before collapsing into bankruptcy. The executives, who face up to life in prison on the most serious charge, were arrested in Maryland and California on a 10-count indictment including securities fraud, wire fraud, and running a continuing financial crimes enterprise.MintEx-CEO, ex-CFO of bankrupt AI company charged with fraud | Company Business NewsThe former CEO and CFO of iLearningEngines have been indicted on fraud charges in a 10-count indictment, accused of fabricating virtually all of the bankrupt company's customer relationships and revenue through forged contracts and round-trip fund transfers. Prosecutors allege that at least 90% of iLearningEngines' reported $421 million revenue in 2023 was fabricated, with the company having inflated its market value to $1.5 billion on Nasdaq before collapsing. The company filed for Chapter 11 bankruptcy protection in December 2024 and converted to Chapter 7 liquidation in March 2025, with the criminal enterprise charge carrying a maximum sentence of life in prison.MarketScreenerEx-CEO, ex-CFO of bankrupt AI company charged with fraudFormer CEO and CFO of bankrupt AI company iLearningEngines were indicted on charges of securities fraud and wire fraud for fabricating customer relationships and revenue. The indictment says at least 90% of the company's $421 million in 2023 revenue was fabricated, and the criminal enterprise charge carries a maximum life sentence.Ipo-edgeHIGHLIGHTS: AI Training & Going Public: Join CEOs of iLearningEngines, Arrowroot in Fireside Chat – IPO EdgeiLearningEngines and Arrowroot Acquisition Corp. participated in a fireside chat hosted by IPO Edge to discuss their merger and iLearningEngines' journey to the public markets. The discussion highlighted iLearningEngines' AI-driven training technology, its partnership with Vedhik eSchools, and its growth within regulated verticals like insurance and healthcare.