Tekion, an Automotive SaaS platform, raised $250 million in a Series D funding round co-led by Alkeon Capital, and Durable Capital has valued Tekion at over $3.5 billion. The company has almost tripled its valuation when compared to its last funding raised last year.
Other investors, including Hyundai Motor Company, Advent International and Index Ventures, and some dealer groups across the US also participated in the round.
Tekion plans to invest this fresh capital in accelerating its ARC platform rollout to dealers globally, setting up a customer experience center, and expanding product innovation hubs in Pleasanton, CA, and Austin, TX, with focusing on continuous product innovation, and expansion in India. The company will also invest in expanding 24/7 support capabilities with a key initiative in progress: Automotive Support Center of Excellence in West Chester, Ohio, among other things.
Company: Tekion Corp.
Round: Series D
Funding Month: October 2021
Lead Investors: Alkeon Capital and Durable Capital
Additional Investors: Hyundai Motor Company, Advent International, and Index Ventures
Company Website: http://www.tekion.com/
Software Category: Automotive SaaS platform
About the Company: Founded in Silicon Valley, Tekion is a cloud-built platform with advanced machine learning and AI capabilities for a personalized and seamless consumer experience. Tekion employs over 1,000 innovators globally. The company is disrupting a 50-year reliance on aging Dealer Management System platforms, with its cloud-native automotive retail platform, Automotive Retail Cloud (ARC). Its dealership software platform uses big data, machine learning, and AI to seamlessly bring together OEMs, retailers/dealers, and consumers.