Google owner Alphabet leads $1bn funding round for Uber rival Lyft

Google owner Alphabet leads $1bn funding round for Uber rival Lyft

The company declined to comment on other participants in the round.

It's a significant move, both in its sum and because of Alphabet's previous investment in Uber, through a separate investment arm, Google Ventures. David Drummond, Alphabet's chief legal officer, eventually stepped off Uber's board.

Now, Lyft is working with Alphabet's self-driving arm, Waymo, to develop what will likely be an on-demand network of driverless cars.

Lyft and Waymo, Alphabet's self-driving car subsidiary, confirmed in May that they had signed a deal to jointly pursue projects that would mainstream the automated technology.

The second largest US ride services firm has been aggressively trying to overtake closest rival Uber. It also claims to be available to 95% of the U.S. population, including state-wide coverage in 41 states.

It also has ties with car maker General Motors, which has invested $500m. GM was, and remains, a Lyft investor.

Alphabet's investment in and working relationship with Lyft solidifies that.

Adobe Systems Inc. stock hit record highs in Thursday's session, after the software company provided preliminary forecasts for its 2018 fiscal year Wednesday afternoon.