Cyber security startup Sandbox AQ raises US$500 million

February 15, 2023 06:00
Image: Sandbox AQ

Quantum computing software firm Sandbox AQ, a startup which spun off from Alphabet Inc. last year, said on Tuesday it has raised a US$500 million round, according to reports.

Breyer Capital, T. Rowe Price funds and Salesforce Inc. founder Marc Benioff’s TIME Ventures all participated in the round, as did its Chairman Eric Schmidt, the former chief executive of Google LLC.

Sandbox AQ is led by CEO Jack Hidary, who previously led quantum computing research at Alphabet’s X lab. Its main focus is on building post-quantum cryptography software, which is a new approach to data encryption designed to withstand attacks from quantum computers.

It’s believed that quantum computers could one day perform calculations millions of times faster than today’s most powerful supercomputers. The fear is that hackers are already preparing for the day when quantum computers are ready and accessible to launch attacks that could render today’s encryption methods useless.

Sandbox AQ’s software works by scanning enterprise’s information technology systems to identify areas still using older cryptography standards.

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