American quantum artificial intelligence startup SandboxAQ recently announced that it has successfully raised over $300 million in funding, bringing the company's valuation to $5.6 billion. SandboxAQ is a startup that spun off from Google's parent company, Alphabet, aimed at accelerating the development of advanced artificial intelligence systems for computing.
Image Source Note: Image generated by AI, image licensed from Midjourney
The investors in this funding round include investment firms such as Fred Alger Management, T. Rowe Price, and Breyer Capital from New York. The company's CEO, Jack Hidary, stated that the funds will primarily be used to develop its Large Quantitative Models (LQMs) and other AI applications across various industries, including healthcare and finance. Hidary pointed out that the vast majority of economic activities are based not on language but on quantitative relationships, which differs from the language models relied upon by popular generative AI models like ChatGPT.
Additionally, SandboxAQ raised $500 million in last year's funding round to build its quantum computing platform to serve commercial clients. With the increase in capital, SandboxAQ plans to create new modules for specific application scenarios for large enterprise clients, covering a range of fields from drug discovery to materials science.
Jim Breyer, founder and CEO of Breyer Capital and an early investor in SandboxAQ, stated that the company can train quantitative models on existing hardware such as Nvidia GPUs and is expected to benefit from future breakthroughs in quantum chip technology. Recently, Google announced that its newly developed chip "Willow" has overcome a key challenge in quantum computing, which significantly boosted Google's stock price.
SandboxAQ became an independent startup in 2022 after spinning off from Alphabet, with former Google CEO Eric Schmidt serving as the company's chairman. SandboxAQ's services cover various fields, including cybersecurity, cryptography, and life sciences.
Key Points:
🌟 SandboxAQ successfully raised $300 million, achieving a valuation of $5.6 billion.
🚀 Funds will be used to accelerate the development of quantitative models and AI applications across multiple industries.
💡 The company is led by former Google executive Eric Schmidt and operates in fields such as cybersecurity and life sciences.
