A SaaS automotive platform, Tekion has raised $ 250 million in Series D financing from Alkeon Capital and Durable Capital.
The roundtable valued Tekion at over $ 3.5 billion. Other investors, including Hyundai Motor Company, Advent International and Index Ventures, and some dealer groups in the United States also participated in the round.
Founded in Silicon Valley, Tekion employs more than 1,000 innovators around the world. The company is disrupting a 50-year dependence on aging dealer management system platforms, with its cloud-native automotive retail platform, Automotive Retail Cloud (ARC).
Its dealer software platform uses big data, machine learning and AI to seamlessly bring OEMs, retailers / resellers and consumers together. With its configurable integration and increased customer engagement capabilities, ARC claims to simplify the relationship and the dealership / consumer journey.
Tekion plans to invest this new capital in accelerating the deployment of its ARC platform to resellers around the world, establishing a customer experience center and expanding product innovation centers. in Pleasanton, CA and Austin, TX, while focusing on continuous product innovation and expansion in India.
In addition, the company will also invest in expanding 24/7 support capabilities with a key initiative underway: the Automotive Assistance Center of Excellence in West Chester, Ohio, among others.
“Tekion is seeing favorable winds in a large multi-billion dollar market, including adoption of cloud for online retail, connected vehicles, increased consumer expectations for seamless digital car shopping experiences and digital vehicle connectivity. By creating a single, unified cloud platform for manufacturers and resellers, Tekion is also opening up several new markets heretofore inaccessible to incumbents limited by archaic technological architecture. We believe Tekion is just beginning to embark on its multi-year journey to redefine an industry and become the leading and dominant player in the market, ”said Deepak Ravichandran, General Partner at Alkeon Capital.
“We have experienced phenomenal market acceptance over the past year. This strong fundraising round validates the belief of industry and investors in the disruption of Tekion and in our exceptional team of innovators. Our investors know we are looking to the future and they want to be a part of our remarkable story, ”said Jay Vijayan, Founder and CEO of Tekion.
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