The AI and quantum technology developer has branhed out as a separate company having secured at least $100m from a range of external investors.
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…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
