Google-affiliated venture capital fund Series X plans to raise over $500 million in funding.

According to a source familiar with the matter, a venture capital fund affiliated with Alphabet's X lab has raised hundreds of millions of dollars to invest in companies spun off from the lab. Managed by former YouTube executive and Facebook CFO Gideon Yu, Series X Capital is expected to surpass its initial fundraising target of $500 million later this year. The fund was established in 2024 with a mission to help projects within Alphabet's X lab "graduate" and transition into independent companies. The financing plan is expected to be completed in the third or fourth quarter of 2025, according to the source. Representatives from Series X Capital, Alphabet, and X lab did not immediately respond to requests for comment.