SandboxAQ Receives Over $300M for LQM & AI Development

SandboxAQ has received over $300 million in funding to develop the company’s large quantitative models and artificial intelligence services.

Along with advancing SandboxAQ’s LQMs, the new investment will help the company enhance AI applications in materials science, cybersecurity, navigation, medical devices and drug discovery, SandboxAQ told ExecutiveBiz Wednesday. The funding round has valued the company at $5.3 billion on a pre-money basis.

Jack Hidary, CEO of SandboxAQ, said, “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,” Hidary noted. 

SandboxAQ’s Investors

The new investors in SandboxAQ include Fred Alger Asset Management, Rizvi Traverse, T. Rowe Price Associates, Inc., Mumtalakat, Parkway Venture Capital, Breyer Capital, S32, US Innovative Technology Fund, Ava Investments, Eric Schmidt, Marc Benioff, David Siegel, Yann LeCun, IQT and others.

Jim Breyer, CEO and founder of Breyer Capital, said, “We see significant growth potential and opportunity for LQMs across a broad range of industries, which is why investing in SandboxAQ is an investment in AI’s future. Through SandboxAQ, Breyer Capital has a front-row seat to a generation-defining company with some of the most inspiring uses of AI technology.”

SandboxAQ’s Products

SandboxAQ’s products including AQNav, CardiAQ, AQChemSim, AQtive Guard and AQBioSim will be supported through this latest funding round.

AQNav

The company’s AQNav technology aims to provide support through an alternative system that leverages AI algorithms, strong quantum sensors and the Earth’s crust magnetic field to provide efficient navigation.

In August, the U.S. Air Force awarded SandboxAQ an extension of a direct-to-phase-II Small Business Innovation Research contract awarded in January 2023 to continue developing AQNav.