SandboxAQ, a quantum computing technology startup that spun off from Alphabet in 2022, has raised $500 million in a round of funding from several investors to advance quantum and cybersecurity work, Reuters reported Tuesday.
Investors include former Google CEO Eric Schmidt, who serves as chairman of SandboxAQ, T. Rowe Price funds, Breyer Capital and Time Ventures, which was founded by Salesforce Co-Founder Marc Benioff.
SandboxAQ CEO Jack Hidary said the company’s software works to fortify the encryption of the company against potential quantum computer-based cyberattacks by scanning an enterprise’s systems to detect which parts use old cryptography and those that need to be updated immediately.
The startup offers simulation software that could help speed up the development of drugs and materials and has developed a prototype machine for heart monitoring.
Schmidt said in a statement that SandboxAQ has signed up over 15 government and enterprise customers and is working with 30 universities to train tech talent in support of quantum computing work.