Tekion, an automotive retail platform founded by a former Tesla executive, has announced that it’s raised $150 million in Series C funding led by private equity firm Advent International, with participation from Index Ventures, Airbus Ventures, FM Capital, and holding company Exor. The new funding brings the total amount raised by Tekion to $215 million and places the company’s valuation above $1 billion.

Under the terms of the new funding, Jon McNeill, a former Chief Operating Officer of ride-hailing company Lyft and a current Advisory Partner to Advent International, is joining Tekion’s board.

Tekion is an online sales platform for car dealerships and retailers. The company was founded in 2016 by Jay Vijayan, who was previously the Chief Information Officer of electric carmaker Tesla. Vijayan worked at Tesla between the years of 2012 to 2016 before leaving to launch Tekion and has apparently seen huge success as a founder, now with a company valued at above $1 billion by investors and with over 450 employees in the US and India.

Before this new funding round, Tekion had raised $65 million in financing from a group of investors including venture capital firms like AME Cloud Ventures and Index Ventures as well as automakers like General Motors and BMW. Several car dealer groups in the US have also chipped in investments into Tekion.

Tekion as a company is based out of the city of San Ramon, California.

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