SandboxAQ, a Palo Alto, CA-based company delivering solutions at the intersection of AI and quantum techniques, raised more that $300M in funding.
The round, which valued the company at $5.3 billion on a pre-money basis, was led by Fred Alger Management, LLC, T. Rowe Price Associates, Inc., Mumtalakat, Parkway Venture Capital, Breyer Capital, Rizvi Traverse, S32, US Innovative Technology Fund, Ava Investments, Eric Schmidt, Marc Benioff, David Siegel, Yann LeCun, IQT, and other investors.
The company intends to use the funds to accelerate the development of its Large Quantitative Models (LQMs) and other AI applications in drug discovery, materials science, chemistry, cybersecurity, navigation, and medical devices.
Led by CEO Jack D. Hidary, and Eric Schmidt, Chairman, SandboxAQ is a B2B company delivering solutions at the intersection of AI and quantum techniques. Its Large Quantitative Models (LQMs) deliver critical advances in life sciences, financial services, navigation, and other sectors.
The company also expanded its relationship with biopharma companies, leveraging LQMs to identify new biomarkers and optimize clinical development for investigational medicines. It launched a new generative AI application, IDOLPro, which can rapidly design drug molecules with specific properties to accelerate further drug discovery R&D.
FinSMEs
18/12/2024