Funding round
SandboxAQ Growth
Reported as "Growth Equity"
SandboxAQ, which works in AI and quantum technology solutions development in Palo Alto, raised $300M in a Growth round announced on 18 Dec 2024, at a $5.60B post-money valuation. 10 firms took part. It is SandboxAQ's first venture round on record.
$300M
Amount raised
$5.60B
Post-money valuation
$5.30B pre-money
10
Investors
no lead named
5.4%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced SandboxAQ at $5.60B after the new money. The $300M bought investors about 5.4% of the company. It is SandboxAQ's first venture round on record, 22 years after it was founded in 2002. It is 40% of the $750M SandboxAQ has raised in the venture rounds on record. SandboxAQ raised again 4 months later: a Series E round of $450M in Apr 2025.
SandboxAQ's funding rounds
SandboxAQ has 2 venture rounds on record and 1 other deal. This one is highlighted.
- Growth this round 18 Dec 2024 $300M$5.60B post-money
- Series E 4 Apr 2025 $450M
- Grant not a venture round 17 Jun 2026, led by U.S. Department of Commerce $500M
Investors
Who put money in
10 firms took part; no lead investor was named.
Investors
- Fred Alger Management, LLC new investor
- T. Rowe Price Associates, Inc. new investor
- new investor
- backs 9 venture-backed companies new investor
- Breyer Capital backs 85 venture-backed companies new investor
- Rizvi Traverse new investor
- S32 new investor
- backs 20 venture-backed companies new investor
- Ava Investors new investor
- In-Q-Tel backs 97 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
27 Growth rounds in Software Development Services within a year either side disclosed an amount; the median was $60M, and this round was 5.0 times the median. The closest in time, other companies' Growth rounds in Software Development Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Software Development Services | 13 Dec 2024 | $200M | not disclosed | Insight Partners |
| Software Development Services | 1 Jan 2025 | $100M | not disclosed | Carrick Capital Partners |
| Software Development Services | 5 Feb 2025 | $230M | not disclosed | KKR |
| Sierra Software Development Services | 28 Oct 2024 | $175M | $4.50B | Greenoaks |
| Software Development Services | 1 Oct 2024 | undisclosed | not disclosed | Achieve Partners |
| Software Development Services | 19 Sep 2024 | $100M | not disclosed | Susquehanna Growth Equity |
| Software Development Services | 9 Sep 2024 | $22M | not disclosed | BGF |
| SuperTask AI Software Development Services | 1 Apr 2025 | $165M | not disclosed | HSBC Innovation Banking and HSBC Private Credit |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did SandboxAQ raise in its Growth round?
SandboxAQ raised $300M in its Growth round, announced in Dec 2024.
Which investors took part in SandboxAQ's Growth round?
Fred Alger Management, LLC, T. Rowe Price Associates, Inc., Mumtalakat, Parkway Venture Capital, Breyer Capital and Rizvi Traverse and 4 more.
What was SandboxAQ's valuation at the Growth round?
$5.60B post-money ($5.30B pre-money).
How does it compare with other Growth rounds in Software Development Services?
27 Growth rounds in Software Development Services within a year either side disclosed an amount; the median was $60M, and this round was 5.0 times the median.
Did SandboxAQ raise again after this round?
Yes: a Series E round in Apr 2025 of $450M.