Sandbox AQ, a Silicon Valley, CA-based quantum computing software startup that spun off from Alphabet Inc. last year, closed a $500 million round of funding.
Breyer Capital, T. Rowe Price funds, Salesforce Inc. founder Marc Benioff's TIME Ventures, and Chairman Eric Schmidt, the former CEO of Google LLC, all participated in the round.
The company's primary focus is on developing post-quantum cryptography software, which is a new approach to data encryption designed to withstand quantum computer attacks.
Sandbox AQ’s software works by scanning an enterprise’s information technology systems to identify any data that are still using older cryptography standards. It identifies which parts of the system need to be updated urgently and also sets out to fortify the encryption of the entire company, Jack Hidary, CEO of Sandbox AQ, told in an interview.
It also sells quantum simulation software that can assist with the development of new drugs and materials, plus quantum sensors for medical devices and technologies that could one day replace the global positioning system.
Sandbox AQ targets customers in areas such as telecommunications, financial services, government, healthcare, and cybersecurity.
The company has already over 15 enterprise and government customers, and it is collaborating with over 30 universities to train Ph.D.s and other talent needed to build post-quantum cryptography solutions.
Company: SB Technology, Inc.
Funding Month: February 2023
Additional Investors: Breyer Capital, T. Rowe Price funds and Salesforce Inc., TIME Ventures, and Eric Schmidt
Company Website: https://www.sandboxaq.com/
Software Category: Quantum Computing Software
About the Company: Led by CEO Jack Hidary, SandboxAQ is an enterprise SaaS company combining AI + Quantum tech to solve hard problems impacting society. Its solutions include post-RSA cybersecurity modules that migrate enterprises to higher levels of security. These SandboxAQ modules enable post-quantum cryptography (PQC) in line with the new standards that are now emerging in this field. Enterprises can use SandboxAQ to future-proof their technologies and solutions to provide a distinct competitive advantage. The company is officially partnering with the world's leading professional services organizations that advise clients on implementing transformative AQ solutions to protect their enterprises and build new computationally intensive solutions around artificial intelligence and quantum technologies.