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Tekion raises $150m to pull car dealers into the 21st century

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Tekion, a now four-year-old, San Carlos, California company that already employs 470 people locally and in Bangalore and just attracted $150 million in fresh funding led by the private equity investor Advent International.

With the Series C round which also participation from Index Ventures, Airbus Ventures, FM Capital and Exor, the holding company of Fiat-Chrysler and Ferrari = the company has now raised $185 million altogether.

It’s also valued at north of $1 billion. (The automakers General Motors, BMW and the Nissan-Renault-Mitsubishi Alliance are also investors.)

It’s nice, such acclaim, but more important is that Tekion is also attracting the attention of dealers. Though Vijayan declines to share how many customers have bought its cloud software — which connects dealers with both manufacturers and car buyers and is powered by machine learning algorithms — he says it’s already being used across 28 states.

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