SandboxAQ Invests in Qunnect as part of its Strategic InvestmentProgram
October 2022 by Patrick LEBRETON
SandboxAQ’s participation in Qunnect’s $8 million Series A marks its third investment in promising quantum tech startups
SandboxAQ, an enterprise SaaS company delivering the combined impact of AI and Quantum technology (AQ), and Qunnect, a quantum networking company building hardware to transform telecommunications infrastructure into scalable quantum networks, today announced SandboxAQ’s investment in Qunnect’s $8M Series A, led by Airbus Ventures. These new funds will be used to further develop their product suite, scale manufacturing, and launch a multi-node R&D quantum network testbed to demonstrate entanglement distribution protocols. This network, connected to existing fiber optic cable in New York City, will be the first of its kind in the US.
Qunnect innovates and commercializes the core technologies needed for scalable quantum-safe communication. In 2021, the company commercialized the world’s first quantum memory. The memory serves as the cornerstone to Qunnect’s Quantum Repeater product suite, an integrated solution for long distance distribution of entanglement across existing telecommunications infrastructure.
"Qunnect is developing some of the first commercial quantum memory products in the world, making it a key player in the development of safe quantum communications and the future Quantum Internet," said Jack Hidary, CEO of SandboxAQ. "Through our Strategic Investment Program, SandboxAQ is enabling innovative startups to develop powerful AQ solutions and collaborate on new technologies that will elevate the entire quantum ecosystem."
"With this Series A round, we are now ready to start our next phase with a concentrated focus on scalability and field-deployment," said Qunnect CEO Noel Goddard. "We are excited to work with the SandboxAQ team, and we are grateful for the support from its Strategic Investment Program. This round of funds will enable us to accelerate the development of our groundbreaking quantum communications technologies through product development and go-to-market strategies and will help to usher in the next generation of commercial quantum-based solutions."
"At Airbus Ventures, we are particularly interested in investing in enabling technologies that make quantum practically usable, out of the lab environment and into the real world, where these portfolio companies can aid in tangibly addressing major security challenges being faced today," notes Airbus Ventures Partner Nicole Conner. "We were immediately drawn to Noel and her leadership, quickly paving the way as the leading voice in quantum internet technology, and we are confident that the team’s breakthrough testbed at Brooklyn Navy Yard is just the beginning of a sequence of transformative work. We are proud to back such an exceptional team and to be joined by such an incredible investor syndicate."
Qunnect’s Series A is led by Airbus Ventures with additional investment from SandboxAQ, Impact Science Ventures, Motus Ventures and NY Ventures, the economic development arm for the State of NY, among others.
Qunnect previously raised $7M in federal funding and $2m in private funding from backers including the Department of Energy, National Science Foundation and NY Accelerate Fund to accelerate quantum memory without cryogenics or extreme vacuum support. Customers include the US Airforce Research Lab and Brookhaven National Laboratory. Qunnect also develops quantum instruments that are interoperable with other quantum test beds.