Advancements in quantum technology have ensured that it is set to bridge the gap between science fiction and reality. And while that might take some time, there is no denying that quantum technology is on the rise. Quantum computing is a use of quantum tech, and the global commercial quantum computing market is expected to grow at a CAGR of 52.9% from 2022 to reach $1.3 billion by 2027.
Gartner’s findings showed that by 2023, 20% of global organizations are expected to budget for quantum-computing projects. Therefore, it seems to be the perfect time for Google-parent Alphabet to spin-off Sandbox AQ, its quantum technology unit, into an independent company. Sandbox also announced its investors, board chair, partners, advisors, and initial customers.
It will continue to be led by serial entrepreneur, founder, and CEO Jack Hidary, who is also the former director of AI and quantum (thus AQ) at Sandbox. This comes six years after it was launched, and in the meanwhile, it operated outside the moonshot factory within Alphabet – X. For those who are unaware, Sandbox AQ develops and rolls out hardware, applications, and services that leverage global-scale AI and ML along with quantum tech.
Sandbox’s advisors include former Alphabet Chairman and CEO Eric Schmidt, founding partner at Motive Partners Blythe Masters and current chairman of Sandbox AQ’s board of directors, former chief scientist of Xerox PARC John Seely Brown, former U.S. Secretary of Defense Dr. Ashton Carter, founder and CEO of Breyer Capital Jim Breyer, serial entrepreneur Marc Porat, former VP at X Wendy Tan White, and others.
Additionally, Sandbox (which is describing itself as an “enterprise SaaS company delivering solutions that leverage quantum tech and AI”) completed an oversubscribed funding round, whose amount runs into nine figures. The exact amount was not disclosed, although it included many prominent names such as Thomas Tull (Founder & CEO of Tulco, LLC), First Light Capital Group, funds and accounts advised by T. Rowe Price Associates, David Siegel (co-founder of Two Sigma), and others.
The proceeds from the round will be deployed towards recruiting more AI experts, physicists, and engineers to bolster its 55-person team and further develop and deliver AI and quantum tech. The company says that it is developing commercial products for telecom, financial services, healthcare, government, computer security and other computationally-intensive sectors.
Additionally, the members of its current team collaborate from a wide range of fields (including physics, chemistry, AI, neuroscience, cryptography, and mathematics) in order to develop practical solutions. Today, its services are used by companies such as Vodafone Business, SoftBank Mobile, and the Mount Sinai Health System, and it has relations with other leading Global 1000 companies.