AI and quantum computing continue to attract investor interest. SandboxAQ received $500M

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11:36 | 14 February 2023

AI and quantum computing continue to attract investor interest. SandboxAQ received $500M

Sandbox is a SaaS company providing quantum technology and artificial intelligence solutions. It was founded in 2016 by Jack Hidari. The company develops commercial products for telecommunications, financial services, healthcare, government, computer security and other computationally intensive sectors.

One aspect of security the startup is looking at is how companies and the government can replace existing public-key cryptography algorithms with algorithms that are resistant to attacks based on quantum computers. Quantum computing is a level of computing that is much faster and superior to classical computers, which use quantum states to perform calculations.

The U.S. government has identified quantum computing as a key technology that is important to national security.

SandboxAQ has already signed contracts with more than 15 corporate and government clients, according to a Reuters report.

Team
SandboxAQ was part of Alphabet for six years before the company became independent last year. It was announced then that the company, made up of 55 engineers, scientists and technologists, would be led by serial entrepreneur and CEO Jack Hidari. Former Google CEO Eric Schmidt is chairman of the board.

At the time, the company said it had received a “nine-figure” amount of investment, but no exact dollar figure was given. Breyer Capital, Eric Schmidt, Thomas Tull, First Light Capital Group, funds and accounts managed by T. Rowe Price Associates, Guggenheim Investments, Time Ventures, Section 32, Parkway Venture Capital and other funds and investors.

Venture capital investment in quantum computing reached more than $800 million in 2021. Last year, that number was $770 million, despite a decline in venture capital investment in many other sectors.

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