Alphabet spinoff SandboxAQ — an AI and quantum computing startup — added another $150 million to its Series E from the likes of Google and Nvidia.
The add-on comes less than four months after the company announced it had raised a $300 million round at a $5.6 billion valuation.
Other investors in the Series E add-on include Ray Dalio, Horizon Kinetics and BNP Paribas.
SandboxAQ is looking at the related effects of both AI and quantum — which is where the company gets the “AQ” in its name — to develop commercial products for telecom, financial services, healthcare, security and other computationally intensive sectors. The company already is working with a handful of customers on enterprise software and cybersecurity tools related to quantum computing.
In March 2022, Alphabet officially spun off its 6-year-old quantum tech group — SandboxAQ — which emerged as its own company after closing a $500 million financing round and naming former Google CEO Eric Schmidt chairman.
Investors in the round include Breyer Capital, Eric Schmidt, Thomas Tull, First Light Capital Group, funds and accounts advised by T. Rowe Price Associates, Guggenheim Investments, Time Ventures, S32, Parkway Venture Capital and other funds and investors.
SandboxAQ has raised over $950 million, per the company.
Google tech
This is the second massive round from an Alphabet/Google spinout this week.
Earlier, Isomorphic Labs raised $600 million in its first external funding round as the company looks to apply artificial intelligence to the drug development process.
That round was led by Thrive Capital with participation from Google Ventures. The London-based AI company will receive follow-on capital from existing investor Alphabet.
Isomorphic was spun out of Google’s DeepMind in 2021.
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