Alphabet spinoff SandboxAQ on Wednesday announced raising $300 million in funding at a valuation of $5.3 billion.

The latest funding round, which brings the total raised by the quantum company to over $800 million, saw participation from Fred Alger Management, T. Rowe Price Associates, Mumtalakat, Parkway Venture Capital, Breyer Capital, Rizvi Traverse, S32, US Innovative Technology Fund, Ava Investors, Eric Schmidt, Marc Benioff, David Siegel, Yann LeCun, IQT, and others.

SandboxAQ develops various types of solutions that leverage AI and quantum technologies (the AQ in its name).

‍The new investment will be used to accelerate the development of the company’s Large Quantitative Models (LQMs) and other AI applications for fields such as cybersecurity, medical, materials science, chemistry, and navigation.  

SandboxAQ’s offering includes AQtive Guard, an end-to-end cryptographic management platform for enterprises that provides an inventory of cryptography use (including vulnerability and compliance analysis) and a path to centrally managed, robust and agile cryptography. 

The company says the product provides protection both against current attacks, as well as future quantum threats.

Its AQNav product, an alternative to GPS, is a navigation system that uses quantum sensors, AI algorithms and Earth’s magnetic field. AQNav is designed to work where there is no GPS signal, and SandboxAQ says it cannot be jammed or spoofed. 

The company has also developed Sandwich, an open source library that makes it easier for developers to use multiple cryptographic libraries in their applications.

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