Series X Capital Raises $500 Million to Fuel Innovation from Google’s Labs

A new venture capital fund, Series X Capital, connected to Google’s innovation lab, X Development, is raising a significant $500 million in May 2025. This move signals a shift in Alphabet’s funding strategy and reflects broader trends in the venture capital landscape. The fund, led by Gideon Yu, former CFO of YouTube and Facebook, will focus on supporting spinouts from X Development that offer transformative technologies with broad market potential. These projects include those from Waymo and 280 Earth. Yu’s leadership is key to this initiative as he seeks to identify and fund the next wave of innovative projects originating from Google’s innovation hub.