- Source: Tekion Corp
Tekion Corp is a cloud technology company headquartered in Pleasanton, California. It operates in the automotive retail industry, with its Asia-Pacific headquarters located in Bengaluru and a regional center in Chennai. The company also has operations in the UK, Canada, Germany, and France. The company was founded by former Tesla, Inc. executive Jay Vijayan.
History
Prior to founding Tekion, Jay served as the chief information officer (CIO) at Tesla Inc., where he reported directly to Elon Musk, Tesla's CEO. As CIO, Jay and his team managed Tesla's digital and information systems.
In 2016, he left Tesla to start Tekion, of which he serves as CEO. The company received its initial funding from such investors as Index Ventures, Storm Ventures, Airbus Ventures, BMWi Ventures, Renault-Nissan-Mitsubishi Alliance Ventures, and General Motors.
In October 2020, the company became a unicorn after it raised US$150 million in a Series C financing round. This round was led by Advent International, Exor (holding company of Ferrari and the parent company of Stellantis, which owns Citroën, Fiat, Jeep, Maserati, Ram Trucks, Peugeot, Vauxhall), Airbus Ventures, FM Capital, and existing investors.
In October 2021, the company secured $250 million in its Series D funding round, with a valuation reaching $3.5 billion. This funding was led by Alkeon Capital, Durable Capital, and Hyundai Motor Company.
In July 2023, the company acquired vehicle registration technology company Five64.
The company's valuation was reported to exceed $4 billion following a $200 million investment from Dragoneer Investment Group, based in San Francisco, in July 2024. Since its founding, the company has raised a total of $640 million.
Products
In February 2020, the company rolled out its Automotive Retail Cloud (ARC), software designed to connect automotive retail operations from a unified cloud platform. In 2022, the company announced the launch of its customer relationship management application on the ARC platform.
