Internet and technology group Alphabet is spinning off its quantum technology subsidiary, Sandbox AQ, with a nine-figure amount of funding according to Reuters.
The spinoff raised the capital from Breyer Capital, First Light Capital Group, Guggenheim Investments, Time Ventures, Section 32, Parkway Venture Capital, unnamed other funds and private investors Eric Schmidt, Thomas Tull, David Siegel and Bradley Bloom.
Sandbox uses artificial intelligence (AI) and quantum technology to develop commercial tools for customers in sectors including financial services, healthcare, telecommunications, cybersecurity and government.
The company counts mobile network operator Vodafone, internet and telecommunications group SoftBank and healthcare provider Mt Sinai Health System among its customers. The funding will be used to add AI experts, engineers and physicists to its team and strengthen its AI and quantum technology.
Jack Hidary will remain CEO of Sandbox, and its board of directors will include Eric Schmidt, former chairman and CEO of Alphabet’s Google subsidiary, and Mike Rogers, former director of the US National Security Agency.
Hidary said in a statement: “The gravity of the geopolitical climate necessitates that we develop stronger cybersecurity platforms for companies and governments. In addition to cybersecurity, quantum tech and AI working together have a powerful compound effect we call AQ, which can impact areas such as drug development, clean energy and data security.
“We have built an ecosystem of partners, customers, government agencies and university relationships to drive this mission forward at scale.”
