Impel, the New York-based category creator in digital engagement software for automotive manufacturers, marketplaces, and dealers, secured $104 million in growth investment.
The round was led by Silversmith Capital Partners, with additional investment from Wavecrest Growth Partners.
The funds will be used to accelerate company growth through product expansion and M&A activity to meet industry demand for automation and digital technology solutions.
“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.”
The company’s AI-powered technology solutions enable vehicle manufacturers and retailers to deliver more engaging omnichannel customer experiences while driving greater operational efficiency.
The company now serves over 4,000 customers and powers an ecosystem of more than 100 technology and marketplace partners. Impel merchandising and conversational AI applications have powered more than 5 billion shopper interactions and influenced nearly $2 billion in vehicle sales and service transactions.
Concurrent with their investment, Todd MacLean and Silversmith Vice President Ned Kingsley have joined Impel’s Board of Directors. Cowen Inc. acted as a strategic advisor to Impel, and Mintz provided legal counsel to Impel on the transaction. Kirkland & Ellis served as legal counsel to Silversmith Capital Partners.
Company: Augmented Reality Concepts, Inc.
Round: Growth Funding
Funding Month: January 2023
Lead Investors: Silversmith Capital Partners
Additional Investors: Wavecrest Growth Partners
Company Website: https://impel.io/
Software Category: Digital Engagement Software
About the Company: Impel is a digital engagement platform for OEMs, marketplaces, and auto dealers. The company’s end-to-end omnichannel solution leverages proprietary shopper behavioral data and AI technology to deliver hyper-personalized experiences at every touchpoint across the entire customer journey. Impel’s communication, merchandising, and imaging applications work seamlessly with all major websites, CRM, and DMS platforms. Over the past two years, Impel has grown revenue by more than 100%, completed two acquisitions, and profitably scaled the organization to 200 employees globally. The company has delivered more than five billion shopper interactions in over 50 countries.