SandboxAQ, a leader in the development of artificial intelligence applications, announced today a significant funding achievement, securing over $300m.
This latest financial injection comes from a consortium of prestigious investors including Fred Alger Management, LLC, T. Rowe Price Associates, Inc., Mumtalakat, Parkway Venture Capital, Breyer Capital, Rizvi Traverse, S32, US Innovative Technology Fund, Ava Investors, and notable individuals such as Eric Schmidt, Marc Benioff, David Siegel, Yann LeCun, and IQT, setting the company’s pre-money valuation at a robust $5.3bn.
The company specializes in pioneering Large Quantitative Models (LQMs) and other AI technologies applicable across diverse fields such as drug discovery, materials science, chemistry, cybersecurity, navigation, and medical devices. These innovations aim to address complex challenges across several critical sectors, including aerospace, biopharma, chemicals, defense, energy, and finance.
The fresh capital will accelerate the development and deployment of SandboxAQ’s LQMs, enhancing their impact on business and science problems globally. CEO Jack D. Hidary emphasized the complementary nature of LLMs (Large Language Models) and LQMs in B2B applications, highlighting the enhanced capabilities they bring to various industries.
Additional insights were shared by Eric Schmidt, Chairman of SandboxAQ, who pointed out the necessity for industries to evolve beyond LLMs to fully capitalize on AI investments. Similarly, Jim Breyer of Breyer Capital celebrated the company’s visionary approach, noting the transformative potential of SandboxAQ’s technology.
Yann LeCun, a renowned AI scientist and Turing Award winner, also remarked on the company’s leadership in quantitative AI, stressing its pivotal role in large industrial sectors like biopharma, chemicals, and financial services. He praised the technical prowess of Hidary and his team, underscoring their leading position in applying AI to solve global challenges.
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