Former Tesla CIO Jay Vijayan's start-up Tekion joins unicorn club

The company raised $150 million at a valuation of over $1 billion in a round led by Advent International

Cloud technology company Tekion, founded by former Tesla CIO Jay Vijayan, has become the latest start-up to join the unicorn bandwagon after it raised $150 million in a Series C financing round at a valuation of over $1 billion. The funding round was led by Advent International, with participation from Index Ventures, Exor (the holding company of Fiat Chrysler Automobiles and Ferrari), Airbus Ventures and FM Capital.

While the company is headquartered in Silicon Valley, a majority of its R&D work is done in India, out of its centres in Chennai and Bengaluru. The four-year-old firm employs around 450 engineers