SandboxAQ Secures $300 Million Investment to Boost Quantum-AI Initiatives
Deal News | Dec 18, 2024 | Elaia Partners SAS
SandboxAQ, a company specializing in the integration of quantum technology and AI, has successfully raised over $300 million in a recent funding round. This funding round boosts the company’s valuation to more than $5.6 billion and aims to fuel the recruitment of engineers for its innovative projects. SandboxAQ was spun out of Alphabet Inc. less than three years ago and is chaired by former Google chief Eric Schmidt. With strategic partnerships with major firms such as Accenture and Deloitte, the company seeks to enhance its offerings to corporate clients. Notable investors in this round include Alger, Yann LeCun, T. Rowe Price, Breyer Capital, Thomas Tull's USIT, and Eric Schmidt himself.
Sectors
- Technology
- Investment
Geography
- United States – SandboxAQ is based in the United States, and the funding involves various U.S.-based investors and firms.
Industry
- Technology – The article focuses on SandboxAQ, a company at the intersection of quantum technology and artificial intelligence.
- Investment – The article discusses a funding round involving private equity and investment firms backing SandboxAQ.
Financials
- $300 million – The amount raised by SandboxAQ in the new funding round.
- $5.6 billion – The valuation of SandboxAQ following the latest funding round.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| SandboxAQ | Target Company | Company | A technology company focusing on the application of quantum technology with AI, chaired by Eric Schmidt. |
| Elaia Partners | PE Firm | Company | A private equity firm involved in the funding round of SandboxAQ. |
| Eric Schmidt | Chairman | Person | The chairman of SandboxAQ and former Google chief, also an investor. |
| Alger | Investor | Company | An investment firm participating as a new investor in the funding round. |
| Yann LeCun | Investor | Person | A new investor in the funding round for SandboxAQ. |
| T. Rowe Price | Investor | Company | An existing investor participating in the funding round. |
| Breyer Capital | Investor | Company | An existing investor participating in the funding round. |
| Thomas Tull | Investor | Person | Founder of USIT, participating in the funding round as an existing investor. |
| Accenture | Partner | Company | A partner company in SandboxAQ’s effort to expand its corporate client base. |
| Deloitte | Partner | Company | A strategic partner with SandboxAQ for corporate engagement. |