The automotive industry, one of the biggest in the world, is experiencing an unprecedented demand for digital technology due to a combination of rapidly changing consumer behaviour, changing market dynamics, and shifting macroeconomic conditions.
Consequently, Impel, a Syracuse, New York-based developer of digital engagement software for automakers, marketplaces, and dealers, has raised $104M in growth capital. Silversmith Capital Partners, a Boston-based growth equity firm led the round, with existing investor Wavecrest Growth Partners also participating. Todd MacLean and Silversmith Vice President Ned Kingsley joined Impel’s Board of Directors concurrently with their investment.
To meet market demand for automation and digital technology solutions, the money will be used for product development and acquisitions.
Impel is a digital engagement platform for OEMs, marketplaces, and auto dealers founded by Devin Daly, Michael Quigley in 2011. Using AI-powered technology solutions, the company helps vehicle manufacturers and retailers provide more engaging omnichannel customer experiences.
Sales and transactions
To date, the company’s merchandising and conversational AI applications have influenced nearly $2B in vehicle sales and service transactions. Impel has more than doubled its revenue in the last two years, completed two acquisitions, and profitably scaled the organisation to 200 employees worldwide.
The company now supports an ecosystem of more than 100 technology and marketplace partners and more than 4,000 customers.
“The past few years have brought massive change to the auto industry as traditional operating models have been fundamentally transformed with digital technology. With the heightened focus on Electric Vehicles and the growing demand for ecommerce functionality, the digital disruption that is currently underway shows no signs of slowing,” said Devin Daly, Impel Co-Founder and CEO.
“We’re thrilled to have found a partner who shares our vision for the future, and we are excited to have Silversmith join our team as we embark on the next chapter of our company’s growth. This investment will significantly strengthen our ability to introduce new products and innovations that generate meaningful business impact for manufacturers and dealers alike, while enhancing the customer experience at every touchpoint,” he added.
“On the long list of things that we look for in new investments, there are two that stand out above the rest – a compelling team and a product that customers love,” said Todd MacLean, Managing Partner at Silversmith Capital Partners.
“Since our initial investment in 2018, we’ve had the pleasure of working closely with the team at Impel as they’ve grown to become the recognized leader in digital engagement technology for the auto industry,” said Deepak Sindwani, Managing Partner at Wavecrest Growth Partners.