Alliance Ventures the strategic venture capital arm of Renault-Nissan-Mitsubishi has made invested in Silicon Valley-based digital technologies and services company Tekion, which works in the area of providing connected digital experiences for automotive retail.
Tekion works with dealerships to bring connected digital experiences to automotive retail through its advanced machine learning and artificial intelligence (AI) capabilities available. The company's digital Service Experience (dSE) is an end-to-end digital technology for both consumers and dealership personnel that connects the entire service experience from appointment scheduling to payment and everything in-between. In terms of OEMs and partners Tekion says it is working with big names like Toyota, Chrysler, Land Rover, KIA Motors, Audi, BMW, Hyundai, Lexus, Jaguar, Jeep and Volvo among others.
The investment in the company, is the latest investment by Alliance Ventures in start-ups, early-stage development and entrepreneurs who are working on cutting edge technology of next-generation systems for the automotive industry.
Francois Dossa, Alliance global vice-president, Ventures and Open Innovation, said: “Renault-Nissan-Mitsubishi believes that automotive groups with the most advanced and digitally-connected customer services will enjoy significant competitive advantages. This is one of the reasons we are investing in Tekion, a company that is leveraging the most advanced technologies to provide digital experiences and solutions for automotive retail.”
Founder and CEO, Tekion said: “At Tekion, we offer the latest technology from ML/AI to big data and IoT, all integrated in one cloud platform, bringing a seamless digital experience from online to in-store. This investment from Alliance Ventures will enable us to go farther and faster in creating best-in-class, integrated experiences that connect OEMs, dealers, and consumers better than ever before.”
The investment follows nine other direct investments in 2018, in startups based in North America, Europe, Middle-East and China, to allow Alliance Ventures to contribute to the future of mobility for all.
The partners have not shared financial terms details of the Tekion investment.