Tekion, a cloud technology company and providers of a SaaS retail operating platform and an automotive retail cloud, has raised a Series C financing round of $150 million. This pegs Tekion at a$1 billion valuation, the company said in a statement.

The funding round was led by Advent, with participation from Index Ventures, Exor (a holding company of Fiat Chrysler Automobiles and Ferrari), Airbus Ventures and FM Capital. Joe Serra, president, Serra Automotive, who owns 50 dealerships representing 62 franchises is also an investor in Tekion’s series C round.

Jon McNeill, advisory partner at Advent, former COO of Lyft, and former president of Global Sales, Marketing, Delivery and Service at Tesla, joins Tekion’s board; along with Eric Wei of Advent.

Tekion was founded by the former CIO of Tesla, Jay Vijayan.

[Image courtesy: Tekion]