AI Venture SandboxAQ Raises Over $300 Million with a Valuation of $5.6 Billion

Investing.com -- SandboxAQ, a venture specializing in applying quantum technology to artificial intelligence development, has successfully raised over $300 million in capital. This funding round has pushed the company’s valuation beyond $5.6 billion.

The new funds will be used to hire more engineers to advance the company’s mission.

The company, chaired by former Google executive Eric Schmidt, was established less than three years after separating from Alphabet (NASDAQ:GOOGL) Inc. SandboxAQ has formed partnerships with corporate giants like Accenture and Deloitte to expand its customer base.

Investment firm Alger and renowned AI expert Yann LeCun are among the new investors participating in the most recent funding round. According to the company's announcement on Wednesday, existing investors include T. Rowe Price, Breyer Capital, Thomas Tull's USIT, and Schmidt himself.

SandboxAQ is carving out a niche in the rapidly growing field of AI innovation, which is a primary focus of tech venture capital. The company differentiates itself by adopting methods distinct from widespread approaches used by entities like OpenAI.

Currently, SandboxAQ is running quantum physics algorithms on graphics processing units, but it plans to transition to more advanced machines in the future.

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