Quantum AI startup SandboxAQ valued at $5.3 billion after $300 million fundraising
SandboxAQ said on Wednesday it has raised more than $300 million in funding, valuing the startup spun off from Alphabet at $5.6 billion, as it aims to fast-track the development of advanced artificial intelligence systems for computation.
The new funding, from investors including New York-based investment firm Fred Alger Management, T. Rowe Price, and Breyer Capital, will be used to accelerate the development of its large quantitative models (LQMs) and other AI applications in industries from healthcare to finance.
This follows a $500 million fundraising last year to build its quantum computing platform to serve business customers.
SandboxAQ says its AI technology differs from the large language models that power ChatGPT in the generative AI wave. Instead of training on a huge number of language tokens, its models train on large numerical data.
«The majority of the economy is actually not based on language. It's actually based on quantitative relationships,» said Jack Hidary, CEO at SandboxAQ.
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