California-based Tekion, a cloud technology startup focused on the automotive industry has bagged US$ 150M in a Series C funding round held in October 2020, led by Advent International. Other participants in the funding round include Index Ventures, Exor, Airbus Ventures and FM Capital. With the latest funding, the startup has entered the unicorn club and is valued at over US$ 1B, as stated in its press statement.
Proceeds from the funding round will be used by Tekion to develop its platform and augment its operations.
Headquartered in the US with development centers in India, Tekion was founded by Jay Vijayan, the former CIO of Tesla, in 2016. The SaaS-based technology platform connects dealers, car owners, and manufacturers to provide back-to-back services, delivered through the cloud. Its platform makes use of trailblazing technologies like big data, machine learning/AI, and human-computer interaction to provide unmatched experience to its customers. The platform also provides unlimited data storage, which is secure and compliant in every case.
Automotive Retail Cloud, its flagship product has already been integrated with 17 OEM (Original Equipment Manufacturer) brands and is aiming to complete the outstanding OEM integrations by 2021. The product helps complete the entire vehicle sales process online and with its help, businesses can easily gather critical insights that lead to smart operational decisions. It is offered with a 30-day cancellation policy and zero integration fees.
Tekion has to date transacted more than US$ 318M in dealings, sold 22K+ vehicles and serviced almost 150K of them. The startup has offices present in San Ramon, situated in California; Chennai and Bengaluru in India, with over 450 employees.
CEO Jay Vijayan was quoted to have said, “Today’s consumers receive outstanding personalized retail experiences from companies like Amazon, Apple, Google, and Disney. Why shouldn’t they expect the same in their vehicle acquisition and service needs? We believe, Tekion will be the trailblazer for enabling the modernization of the entire consumer journey and providing the best experiences and operational efficiencies, period. It’s time to even the playing field for the automotive retail industry.”
Eric Wei, Managing Director at Advent, said about the investment, “Their dealer-friendly approach to contract terms and data ownership will be a breath of fresh air for dealers. We are extremely excited about the platform and the size of the opportunity.”
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