Alphabet’s quantum technology group, Sandbox has raised “nine figures” in funding.
The company also confirmed that it is spinning off into an independent company. Sandbox will be led by CEO Jack Hidary while former Google CEO, Eric Schmidt will chair the company’s board.
The funding is possible thanks to its partnership with high-profile investors and clients. This includes former Google CEO Eric Schmidt, Breyer Capital, Salesforce chief Marc Benioff’s TIME Ventures, and T. Rowe Price.
Sandbox is pursuing enterprise software that at least partially uses quantum tech. The company currently sells software that runs on classical computers.
It however tries to block quantum machines from someday unlocking standard encryption and exposing sensitive communications.
The company’s expected project in the next three years includes using AI to analyze data from quantum-based sensors, improving medical imaging, and enabling navigation by tracking magnetic fields instead of GPS satellites.
For more information, read the original story in Reuters.