Eric Schmidt's SandboxAQ Seeks $5 Billion Valuation for AI Quantum Spinout
SandboxAQ, an Alphabet spinout led by former Google CEO Eric Schmidt, aims to raise a new funding round at a $5 billion valuation. The startup builds "large quantitative models" using quantum physics rather than generative AI.
SandboxAQ, an independent startup spun out of Alphabet in 2022, seeks a new funding round that values the company at $5 billion. Former Google CEO Eric Schmidt serves as chairman of the company, while Jack Hidary leads as CEO. This new raise follows a massive $500 million round the startup secures in early 2023 from investors like T. Rowe Price and Marc Benioff.
Despite its origins in quantum computing, the company does not build quantum computers. Instead, it develops software based on quantum physics to model molecules and predict their behavior. Hidary calls this approach "large quantitative models," which uses large-scale AI techniques on mathematical equations rather than predicting language like generative AI chatbots.
The startup applies this technology to a wide range of industries, including life sciences, materials science, and cybersecurity. It currently holds notable contracts, such as developing GPS-free magnetic navigation for the U.S. Air Force, extending lithium-ion battery life with Novonix, and creating AI-powered heart imaging systems for U.S. hospitals.