The funding is being led by CapitalG, Alphabet's growth investment fund, which also has also backed tech companies such as home-renting platform Airbnb and payments firm Stripe.
The investment represents a further complication in the tangled web of alliances in the sector.
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. It also claims to be available to 95% of the U.S. population, including state-wide coverage in 41 states.
With both Alphabet and Lyft researching self-driving car technology, the partnership makes sense for both sides. The companies declined to comment on what types of products would be brought to market as a result of it or when the public might see the fruits of the collaboration. General Motors president Dan Ammann also sits on Lyft's board. GM was, and remains, a Lyft investor.
Born out of that initial, exploratory relationship was Lyft's new self-driving strategy.
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.
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