SandboxAQ, a startup based in Palo Alto that focuses on quantum technology and AI, has raised over US$300 million in its latest funding round.

The company, chaired by former Google CEO Eric Schmidt, now holds a valuation of more than US$5.6 billion.

This funding round included new investors such as investment firm Alger and Yann LeCun, along with existing backers like T. Rowe Price, Breyer Capital, Thomas Tull’s USIT, and Schmidt himself.

The proceeds from this funding will support the expansion of SandboxAQ’s team, which currently comprises around 80 Ph.D. holders and over 70 software engineers.