Eric Schmidt's SandboxAQ aims for $5B valuation for its AI/quantum Google moonshot
SandboxAQ began as Alphabet’s moonshot AI and quantum computing and now has an impressive roster of projects.
VCs are spending gobs of money on AI startups — especially those run by big names in tech — so SandboxAQ is putting its hand out again, even though it raised a whopping $500 million in early 2023.
SandboxAQ, a cutting-edge AI quantum computing startup spun out of Alphabet, is reportedly seeking to raise a staggering $5 billion in its latest funding round, valuing the company at a whopping $5 billion. This significant increase in valuation comes just a few months after its last funding round in February 2023, which valued the company at $4 billion.
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Founded in March 2022 by Jack Hidary, a longtime X Prize board member, SandboxAQ is revolutionizing the intersection of quantum computing and AI. Unlike other companies that focus on building quantum computers, SandboxAQ is developing software based on quantum physics that can model molecules and make predictions about their behavior. This innovative approach has already led to a wide range of products across life science, materials science, navigation, encryption, and cybersecurity.
The company has already secured several developmental contracts, showcasing its impressive capabilities. For instance, it is working with battery company Novonix to extend lithium-ion battery life, and has a contract with the U.S. Air Force to develop magnetic navigation systems that don't rely on GPS. These contracts demonstrate SandboxAQ's ability to apply its technology to real-world problems and its potential for significant impact.
SandboxAQ's AI technology is centered around using large modeling AI techniques on equations, rather than predicting language like generative AI chatbots. This approach enables the company to generate data more efficiently and accurately, leading to several impressive developments. The company's chairman, billionaire and former Google CEO Eric Schmidt, has been instrumental in guiding SandboxAQ's development, providing valuable insights and expertise.
The company's impressive track record has caught the attention of investors, who are eager to get a piece of the action. Throughout the year, several investors have set up special purpose vehicles (SPVs) for SandboxAQ's shares, a hot financial tool that allows investors to buy into big-name AI startups. With its growing list of contracts and impressive technology, SandboxAQ is poised to become one of the leading AI companies in the industry.
The upcoming funding round is expected to be a significant one, with a valuation of $5 billion. This would be a major milestone for SandboxAQ, likely attracting even more attention from investors and the tech community. As the company continues to grow and develop its technology, it will be interesting to see how it uses its funding to further its mission and expand its reach.
With its impressive track record and growing list of contracts, SandboxAQ is well-positioned to become a major player in the AI industry. The company's ability to apply its technology to real-world problems and its potential for significant impact make it an exciting and promising development in the world of AI. As SandboxAQ continues to push the boundaries of what is possible, it will be exciting to see the company's future developments and the impact it will have on the industry.
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