Venture capital arm of Renault-Nissan-Mitsubishi invests in cloud retail platform
A trio of connected global OEMs is pushing more resources into streamlining the vehicle-purchase process with improved, cloud-based technology.
Alliance Ventures, the strategic venture capital arm of Renault-Nissan-Mitsubishi, announced a new investment in digital technologies and services by investing in Tekion, a U.S. company that seeks to bring connected digital experiences to automotive retail through machine learning and artificial intelligence capabilities.
According to a news release sent on Wednesday, financial terms of the Tekion investment will not be disclosed.
Officials did share that the investment in Tekion, based in California’s Silicon Valley, is the latest investment by Alliance Ventures in start-ups, early-stage development and entrepreneurs at the cutting edge of next-generation systems for the automotive industry.
“At Tekion, we offer the latest technology from ML/AI to big data and internet of things, all integrated in one cloud platform, bringing a seamless digital experience from online to in-store,” Tekion founder and chief executive officer Jay Vijayan.
“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,” Vijayan continued.
This investment by Alliance Ventures to start the year follows nine other direct investments in 2018 in startups based in North America, Europe, Middle-East and China in an effort to contribute to the future of mobility for all.
“Renault-Nissan-Mitsubishi believes that automotive groups with the most advanced and digitally-connected customer services will enjoy significant competitive advantages,” Alliance Global vice president of ventures and open innovation François Dossa said.
“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,” Dossa went on to say.