A venture-capital fund associated with Google, Series X, plans to raise over $500 million

According to an informed source, a venture-capital fund associated with Alphabet's X Lab (also known as "The Moonshot Factory") has raised hundreds of millions of dollars to invest in spin-off companies from the lab.

Series X Capital, which is managed by Gideon Yu, a former YouTube executive and former CFO of Facebook, now expects to exceed its initial fundraising target of $500 million later this year.

The fund was established in 2024 with the mission of helping projects from Alphabet's X Lab "graduate" and transform into independent businesses. The financing plan is expected to be completed in the third or fourth quarter of 2025.

Representatives from Series X Capital, Alphabet, and X Lab did not immediately respond to requests for comment.

The X Lab, formerly known as Google X, has sparked public imagination with its bold explorations in fields such as telecommunications and climate science. The lab has incubated some of Alphabet's most ambitious projects, including the autonomous-driving company Waymo and the life-sciences company Verily.

Last year, the lab began to focus on helping its projects spin off into independent companies, which is one of Alphabet's initiatives to tighten financial discipline and introduce external investors for more projects.

The above-mentioned informed source said that for new companies spun off from X, Series X is usually the only investor in the first-round financing. Although little is known about the fund, a job-posting advertisement on LinkedIn earlier this week described it as "the last mile of X-project incubation", helping projects transform into mature companies.

According to LinkedIn information, Series X has so far invested in two projects: the supply-chain enterprise Chorus and the telecommunications company Taara. Informed sources revealed that the fund is evaluating about a dozen other projects within the X Lab, and one of the potential targets is Tapestry-a company described as "the AI moonshot in the power-grid field".

Informed sources said that Alphabet, as a limited partner, has invested in the Series X fund and holds a minority stake in the start-ups spun off from X. Since the start of fundraising in July 2024, Series X has initially raised funds mainly from family offices, with the participation of other institutional investors. The fund has also held talks with a small number of sovereign-wealth funds.