A business that was separated from Alphabet Inc. last year, Sandbox AQ, said it secured $500 million to assist clients in getting ready for a world powered by quantum computing. Even though quantum computers, whose processors are based on quantum physics, may one day be able to perform some computations millions of times faster than the current fastest super computers, they are still years away from making a significant advancement like breaking encryption.

The National Institute of Standards and Technology, which is part of the U.S. Commerce Department, chose new cryptography standards last year that could better survive quantum computers since hackers can already collect data and wait until the development of quantum computers to decrypt it. Quantum computing is one of the core technologies deemed crucial for national security by the American government.

According to CEO Jack Hidary, Sandbox AQ's software examines organisations' systems to determine which components still utilise antiquated cryptography, identifies which require immediate replacement, and then sets out to strengthen enterprise encryption. "A lot of banks, pharmaceutical businesses, and governments are still employing these outdated methods right now," said Hidary. "The migration process typically takes five to seven years for banks. Now, let's hope they take care of their crucial private client information first."

Powerful simulation software is also sold by Sandbox in order to hasten the development of materials and pharmaceuticals. According to Hidary, the simulation does not currently require quantum computers to function. He said that during the past 18 months, artificial intelligence (AI) chip power has increased to the point where some quantum physics equations can now be performed on them. That effort would proceed considerably more swiftly once quantum computers are available.

Sandbox AQ additionally makes use of current quantum physics-based sensor kinds. For instance, MRI equipment have been around for a while, and Sandbox has developed a prototype heart-monitoring device. He said that it can be used to track minute local variations in the earth's magnetic field, greatly improving the accuracy of navigational systems.

The U.S. Air Force awarded Sandbox AQ a contract this month to do research on these quantum navigation technology. Eric Schmidt, a former Google CEO and investor, serves as the startup's chairman. Breyer Capital, T. Rowe Price funds, and Marc Benioff's TIME Ventures are a few additional investors.

Schmidt said that Sandbox AQ has already attracted more than 15 industry and government clients and that it is collaborating with 30 colleges to train PhDs and other talent. Sandbox's staff and some of its ideas were developed at Alphabet in 2016. The parent company of Google, however, is not a shareholder because Hidary claimed he wanted the business to be independent so it could collaborate with other significant cloud providers.