BMW i Ventures Announces Investment in Tekion, a Silicon Valley-based Cloud Platform Provider of Automotive Retail Services
BMW i Ventures announced today an investment in Tekion, a Silicon Valley-based technology provider developing a cloud platform for the automotive retail space.
Headquartered in San Ramon, CA, Tekion was founded in 2016 by a team with a background combining deep enterprise cloud platforms with automotive retail operations. The cloud platform connects dealership services with customers, including service scheduling, vehicle inspections, communications and payments.
Tekion developed a unique cloud-built platform, delivering business applications that combine advanced machine learning/ AI, and Human Computer Interaction (voice, touch, vision, sensors and IoT) capabilities for a personalized and seamless consumer experience. Tekion is currently focused on delivering applications and solutions for automotive OEMs and dealers to transform the automotive retail experience.
"Tekion team has built a cutting-edge solution from ground up that seamlessly connects dealers, consumers and OEMs" said Dr. Ulrich Quay, Managing Director at BMW i Ventures. "We are convinced that Tekion will play a big part in the evolution of the dealer software industry, and we are thrilled to join the journey."
Tekion's digital Service Experience (dSE) platform is the only end-to-end digital technology for both consumers and dealership personnel that connects the entire service experience from appointment scheduling to payments. Tekion's cloud-built platform includes advanced machine learning and AI capabilities, which helps car dealers offer a more personalized experience to their customers.
BMW i Ventures, the BMW Group's 500M Euro ($575 million) venture capital fund, invests money and resources in innovative startups in the fields of autonomous driving, digital car and automotive cloud, e-mobility, artificial Intelligence, shared and on-demand mobility and energy services. BMW i Ventures invests in all stages from seed and incubation to growth companies.
The firm has already partnered with innovative companies such as electric vehicle charging provider Chargepoint, Nauto, which provides AI-based road and driver monitoring to fleets, and car-sharing platform Turo.
Tekion will use the investment to expand its sales and customer support, and continue its rapid pace of product development.
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