Tekion Valued at $3.5 Billion as Durable, Alkeon, Hyundai Invest

Tekion, a cloud-based automotive software provider, has more than tripled its valuation to $3.5 billion after raising $250 million from investors including Durable Capital Partners and Alkeon Capital Management LLC.

Hyundai Motor Co. and existing investors Advent International and Index Ventures also participated, Tekion Chief Executive Officer Jay Vijayan said in an interview. “This funding is a significant validation. It puts us in an extremely strong position and we’ll look to accelerate growth,” he said.