Another blockbuster funding round for quantum. Sandbox AQ announced that it raised $500 million, Reuters is reporting.
The company was spun off from Alphabet Inc. last year.
Breyer Capital, T. Rowe Price funds and TIME Ventures all participated in the round, as did its former chief executive of Google LLC and current Sandbox AQ Chairman Eric Schmidt, according to Silicon Angle.
The both hope and fear of quantum computers are that they will be far more powerful than current classical devices at certain tasks. The hope is that quantum machines will be used to find solutions to important challenges that remain unsolved due to the considerable computational expense, such as developing personalized medicine or designing materials for sustainable energy harvesting. However, quantum computers could also become so powerful that they could render current encryption schemed useless.
Sandbox AQ has a central mission to develop software to solve that problem, often referred to as post-quantum cryptography. JackHidary serves as the CEO for Sandbox AQ. He previously headed up quantum computing research at Alphabet’s X lab.
The company also offers quantum sensing and quantum simulations solutions. These solutions are intended to serve a range of industries and fields including the life sciences, security, the public sector, financial services, materials science, manufacturing and navigation.
The company’s customers include New York’s Mount Sinai Health System, SoftBank Group Corp.’s telecommunications business and Vodafone Business, according to Silicon Angle.