Google's parent company Alphabet announced that it would spin off its quantum technology unit Sandbox

According to reports, Sandbox, a quantum technology company owned by Google’s parent company Alphabet, announced today that it will be spun off from Alphabet and set up as an independent company.

Sandbox was originally founded by Google co-founder Sergey Brin and is led by Jack Hidary. Sandbox, which focuses on the development of quantum computing software and experimental quantum projects, has been operating as a separate division from Alphabet's famous "moonshot."

Sandbox currently has 55 employees and has attracted many high-profile investors and clients. Investors include former Google CEO Eric Schmidt, Breyer Capital, TIME Ventures, and T. Rowe Price, while clients include SoftBank Mobile, Vodafone, and New York's Mount Sinai Health System.

After the spin-off into an independent company, Hidari will continue to serve as Sandbox CEO, while Schmidt will serve as chairman of the board. After the split, Sandbox will be a sister company with Google and DeepMind.

In fact, it was reported earlier this year that Sandbox would be spun off from parent company Alphabet into an independent subsidiary.

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