{{Short description|Cloud technology company in California, US}} {{Infobox company | name = Tekion Corp | logo = Tekion corp logo.jpg | type = Private | industry = SaaS, Automotive Retail | founded = 2016 | founder = Jay Vijayan <br> Guru Sankararaman | hq_location = Pleasanton, California | hq_location_country = USA | area_served = North America, Europe, India | key_people = Jay Vijayan, <br> CEO <br> Guru Sankararaman, <br> COO | revenue = {{Increase}} US$100 million (2023) | num_employees = 2,500+ | website = {{URL|tekion.com/}} }}
'''Tekion Corp''' is a cloud technology company headquartered in Pleasanton, California.<ref name=":0" /><ref>{{Cite web |last=Sil |first=Debarghya |date=2023-08-02 |title=Exclusive: Ex Tesla Exec's Tekion Lays Off 10% Workforce, 200 Indian Employees Impacted |url=https://inc42.com/buzz/exclusive-tekion-lays-off-around-200-indian-employees/ |access-date=2024-01-25 |website=Inc42 Media |language=en}}</ref> It operates in the automotive retail industry, with its Asia-Pacific headquarters located in Bengaluru and a regional center in Chennai.<ref>{{Cite news |last=Anand |first=N. |date=2022-04-19 |title=Tekion expands global footprint, sets up technical centre in Chennai |url=https://www.thehindu.com/business/tekion-expands-global-footprint-sets-up-technical-centre-in-chennai/article65335240.ece |access-date=2024-01-25 |work=The Hindu |language=en-IN |issn=0971-751X}}</ref> The company also has operations in the UK, Canada, Germany, and France.<ref>{{Cite news |date=2022-08-01 |title=Former Tesla CIO founded Tekion to hire 400 people in India |url=https://www.thehindu.com/business/former-tesla-cio-founded-tekion-to-hire-400-people-in-india/article65712604.ece |access-date=2024-01-25 |work=The Hindu |language=en-IN |issn=0971-751X}}</ref> The company was founded by former Tesla, Inc. executive Jay Vijayan.<ref name=":2">{{Cite web |last=Rogers |first=Bruce |title=Ex Tesla CIO Jay Vijayan Builds Tekion To Improve Car Buying Experience |url=https://www.forbes.com/sites/brucerogers/2023/05/02/ex-tesla-cio-jay-vijayan-builds-tekion-to-improve-car-buying-experience/ |access-date=2024-01-25 |website=Forbes |language=en}}</ref><ref>{{Cite web |last=Loizos |first=Connie |date=2021-10-05 |title=Tekion, the automotive retail platform headed by a former Tesla CIO, just tripled in value |url=https://techcrunch.com/2021/10/05/tekion-the-automotive-retail-platform-headed-by-a-former-tesla-cio-just-tripled-in-value/ |access-date= |website=TechCrunch |language=en-US}}</ref>
== 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.<ref>{{Cite news |last=King |first=Rachael |date=April 4, 2016 |title=Tesla Motors CIO Leaves to Launch Stealth Startup |url=https://www.wsj.com/articles/tesla-motors-cio-leaves-to-launch-stealth-startup-1459809158 |work=The Wall Street Journal}}</ref> As CIO, Jay and his team managed Tesla's digital and information systems.<ref name=":0">{{Cite web |last=Balachandran |first=Manu |title=How Jay Vijayan—a Politician's Son, Geology Grad And Former Tesla Techie—built The World's Newest Unicorn |url=https://www.forbesindia.com/article/take-one-big-story-of-the-day/how-jay-vijayana-politicians-son-geology-grad-and-former-tesla-techiebuilt-the-worlds-newest-unicorn/63813/1 |access-date= |website=Forbes India |language=en}}</ref>
In 2016, he left Tesla to start Tekion, of which he serves as CEO.<ref>{{Cite web |date=2020-10-27 |title=We are Salesforce but 20 years in the future: Tekion CEO Jay Vijayan |url=https://www.moneycontrol.com/news/business/startup/we-are-salesforce-but-20-years-in-the-future-tekion-ceo-jay-vijayan-6020711.html |access-date=2024-01-25 |website=Moneycontrol |language=en}}</ref> 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.<ref name=":2" />
In October 2020, the company became a unicorn after it raised US$150 million in a Series C financing round.<ref>{{Cite web |last=Mathur |first=Nandita |date=2020-10-21 |title=Tekion joins the unicorn club |url=https://www.livemint.com/companies/start-ups/former-tesla-cio-jay-vijayan-s-startup-tekion-turns-unicorn-11603280432589.html |access-date= |website=mint |language=en}}</ref> 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.<ref>{{Cite web |last=Giles |first=Martin |title=Former Tesla CIO's Software Startup Tekion Valued At Over $1 Billion In New Fundraise |url=https://www.forbes.com/sites/martingiles/2020/10/21/former-tesla-cios-software-startup-tekion-valued-at-over-1-billion-dollars/ |access-date= |website=Forbes |language=en}}</ref>
In October 2021, the company secured $250 million in its Series D funding round, with a valuation reaching $3.5 billion.<ref>{{Cite web |date=2021-10-08 |title=Which automaker announced IPO plans? How much is Tekion actually worth? |url=https://www.cbtnews.com/which-automaker-announced-ipo-plans-how-much-is-tekion-actually-worth/ |access-date=2024-01-25 |website=CBT News |language=en-US}}</ref> This funding was led by Alkeon Capital, Durable Capital, and Hyundai Motor Company.<ref name=":1">{{Cite web |last=Tan |first=Gillian |date=October 5, 2021 |title=Tekion Valued at $3.5 Billion as Durable, Alkeon, Hyundai Invest |url=https://www.bloomberg.com/news/articles/2021-10-05/tekion-valued-at-3-5-billion-as-durable-alkeon-hyundai-invest |access-date= |website=www.bloomberg.com}}</ref>
In July 2023, the company acquired vehicle registration technology company Five64.<ref>{{Cite news |last=HOLLMER |first=MARK |date=July 27, 2023 |title=Tekion buys vehicle registration technology company Five64 |url=https://www.autonews.com/dealers/tekion-acquires-struggling-vehicle-registration-tech-company |work=Automotive News}}</ref>
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.<ref>{{Cite news |date=2024-07-16 |title=Tekion Corp raises $200 million in funding at valuation of over $4 billion |url=https://economictimes.indiatimes.com/tech/funding/tekion-corp-raises-200-million-in-funding-at-valuation-of-over-4-billion/articleshow/111791595.cms |access-date= |work=The Economic Times |issn=0013-0389}}</ref>
== Products == In February 2020, the company launched its Automotive Retail Cloud (ARC) software, which helps connect automotive retail operations through a unified cloud platform.<ref>{{Cite web |last= |first= |date=2020-02-13 |title=Tekion launches Automotive Retail Cloud to disrupt automotive industry |url=https://www.dqindia.com/tekion-launches-automotive-retail-cloud-disrupt-automotive-industry/ |access-date= |website=Dataquest |language=en-US}}</ref> The platform later incorporated 52 brands, including General Motors, Ford, Jeep, Honda, Hyundai, and Toyota.<ref>{{Cite news |date=September 20, 2024 |title=Will be profitable by 2025, a higher priority than IPO: Tekion CEO Jay Vijayan |url=https://www.moneycontrol.com/technology/will-be-profitable-by-2025-a-higher-priority-than-ipo-tekion-ceo-jay-vijayan-article-12826073.html |work=Moneycontrol}}</ref> In 2022, the company added a CRM application to the ARC platform.<ref>{{Cite news |last=VANHULLE |first=LINDSAY |date=April 11, 2022 |title=Tekion rolls out CRM and digital retail capabilities |url=https://www.autonews.com/technology/tekion-rolls-out-automotive-enterprise-cloud-and-digital-retail-capabilities |work=Automotive News}}</ref> In January 2024, Tekion entered into an agreement with Asbury Automotive Group, a publicly listed car dealership based in the US.<ref>{{Cite web |last= |first= |title=Tekion Tapped by Asbury Automotive Group |url=https://www.autodealertodaymagazine.com/372804/tekion-tapped-by-asbury-automotive-group |access-date=2024-11-30 |website=www.autodealertodaymagazine.com |language=en-US}}</ref><ref>{{Cite web |title=Asbury 4-store Tekion DMS pilot could precede companywide switch by 2026 |url=https://www.autonews.com/dealers/asbury-4-store-tekion-pilot-could-precede-full-dms-switch-2026/ |access-date=2024-11-30 |website=www.autonews.com |language=en}}</ref> The company also developed a digital tool for Acura<ref>{{Cite news |last=Johnson |first=Peter |date=September 23, 2024 |title=Can Acura’s new sales tool help it compete in the US EV market? |url=https://electrek.co/2024/09/23/can-acuras-new-sales-tool-help-compete-us-ev-market/ |work=electrek}}</ref> and a digital retail tool for electric vehicles for General Motors, which operate on the Automotive Enterprise Cloud (AEC) platform.<ref>{{Cite web |last=Lutz |first=Hannah |date=March 4, 2021 |title=GM to launch EV digital retail tool powered by Tekion |url=https://www.autonews.com/retail/gm-launch-ev-digital-retail-tool-powered-tekion/ |access-date=2024-11-30 |website=www.autonews.com |language=en}}</ref>
== References == {{reflist}}
Category:Software companies established in 2016 Category:Companies based in Pleasanton, California