Data Science Investment Counter —Funding raised by UK data science companies in 2017 as of today
£ 343.535 Million

Lyft Raises £375M from Alphabet’s CapitalG

Alphabet-owned fund CapitalG has poured £375 million of additional funding into Lyft, the ride-hailing service that many regard as Uber’s main rival.

The tranche comes on top of a £750 million round CapitalG had announced in October.

First broke by news website Axios —which spotted a US share authorisation document filed in Delaware—the rumour was later confirmed by Lyft, with the caveat that the round has not been closed yet .

“Increasing the potential for this round will allow us to further accelerate our commitment to serving passengers and drivers,” said company spokesman Adrian Durbin.

The round increased Lyft’s valuation to £8.6 billion or $11.5 billion—a relative uptick from the £8.2 billion ($11 billion) valuation Lyft had achieved after the initial phase of this Alphabet-led round.

Why Alphabet might want to support a cab-summoning app that is trying to take on Uber is anybody’s guess— but it could have something to do with a feud between the tech giant’s driverless car unit, Waymo, and Uber itself.

The two companies have been fighting a no-punches-pulled court battle since February 2017, with Waymo accusing Uber of stealing key driverless tech trade secrets.

(Bizarrely, one of the former Waymo employees at the centre of the controversy, AI expert Anthony Levandowski, just recently launched his own religion, devoted to building an Artificial Intelligence-powered God.)

Earlier this week, it was also revealed that Lyft had applied for a permit to trial its own self-driving cars on California’s roads.

Image via Wikimedia

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BY SHACK15

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