Ex-Tesla CIO Auto Retail Startup Tekion Value Tops $1 Billion on New Funding
Article summary
Tekion Corp. , a cloud-based automotive retail startup founded by a former Tesla Inc. executive, has raised $150 million from backers led by private equity investor Advent International , lifting its valuation to over $1 billion. The San Ramon, California-based technology company was founded by Jay Vijayan, a former chief information officer of electric vehicle giant Tesla, to offer end-to-end services in selling vehicles, powered by artificial intelligence and machine learning algorithms. The latest investment will allow Tekion to scale and expand to international markets like Japan and India as well as Europe next year, according to Vijayan. […] Tekion wants to remove operational inefficiencies in auto retail and build a customized experience. […] Today’s consumers receive outstanding personalized retail experiences from companies like Amazon, Apple, Google, and Disney,” Vijayan said in a statement announcing the funding.
