SandboxAQ, a company spun off from Alphabet Inc., is reportedly raising new equity funding at a valuation surpassing US$5 billion.

Anonymous sources say this valuation is evaluated on a pre-money basis, but specific deal terms are still in negotiation.

A spokesperson for the Palo Alto-based company declined to comment.

The firm specializes in artificial intelligence and cybersecurity. Last year, it raised $500 million, but the valuation during that round was not disclosed.

CEO Jack Hidary leads the company, and investors include Eric Schmidt, Marc Benioff, and Jim Breyer, according to the firm’s website.