Alphabet-spinoff SandboxAQ raises more than $300M in new funding

Enterprise software company SandboxAQ, a former spinoff of Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL), said on Wednesday that it has raised more than $300M in new funding that values it at $5.3B.
SandboxAQ said the new funding — which comes from investors such as former Alphabet CEO Eric Schmidt, Salesforce (CRM) CEO Marc Benioff, Meta Platforms (META) Chief AI Scientist Yann LeCun and several venture capital and investment firms and prominent investors — will be used to accelerate the development of its Large Quantitative Models. The LQMs will be used in a variety of ways where artificial intelligence is applicable, including drug discovery, materials science, chemistry, cybersecurity, navigation, and medical devices, SandboxAQ added.
“Large Quantitative Models are the next wave of AI as they provide a powerful ability to solve science and business problems for large industries including aerospace, biopharma, chemicals, defense, energy, finance, and more. The capital raise we are announcing today gives us additional resources to drive deep impact at scale,” said SandboxAQ CEO Jack Hidary in a statement. “LLMs and LQMs are complementary platforms that are both needed in the world of B2B applications. We are pleased to see the commitment of so many long-term investors in SandboxAQ.”
SandboxAQ completed its spin-off from Alphabet in 2022. Schmidt is the company’s Chairman.

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