SandboxAQ spun out of Alphabet about a year ago.

SandboxAQ, a company that develops software for post-quantum cryptography, quantum sensing, and quantum simulations, raised $500 million in a funding round. Breyer Capital, T. Rowe Price funds, and TIME Ventures, as well as former CEO of Google and current Sandbox AQ Chairman Eric Schmidt, all participated in the round. (Quantum Insider, citing a Reuters Exclusive)

The company’s mission is to solve the security problem caused by quantum computers, which could make current encryption schemes useless and allowing serious security hacks and breaches. On the flip side, quantum computing could solve massive problems that conventional computing resources are unable to solve because of hardware, as well as cost implications. These include personalized medicines, energy solutions, and climate change.

A critical problem the company is focusing on is the development of cryptography algorithms that can themselves thwart quantum computer-based attacks.

Sandbox AQ’s solutions are designed to serve a range of industries and fields, including the life sciences, security, financial services, and more. Its customers include New York’s Mount Sinai Health System, SoftBank Group Corp.’s telecommunications business, and Vodafone Business.

Last month the company announced it had won a Direct-to-Phase-II Small Business Innovation Research (SBIR) contract from the U.S. Air Force to research quantum navigation technologies – specifically a quantum navigation system to complement the Global Positioning System (GPS) for accurate navigation in degraded, contested, or denied environments where the loss of precision GPS may negatively impact operations.

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Image Credit: SandboxAQ