New-York based Impel, a digital engagement software creator for automotive manufacturers, marketplaces and dealers, has raised $104 million in growth funding.
Wavecrest Growth Partners, an existing investor, joined the round, which Silversmith Capital Partners led.
With the additional capital, the firm will be able to grow faster through product development and acquisitions. The business now supports an ecosystem of more than 100 technology and marketplace partners and more than 4,000 clients.
Impel is a top platform for original equipment manufacturers (OEMs), markets, and car dealers to communicate with customers online. Vehicle manufacturers and retailers can provide more engaging omnichannel consumer experiences while enhancing operational efficiency thanks to the company’s AI-powered technological solutions.
We’re thrilled to announce that Impel has secured a $104 million growth investment, led by @SilversmithCap with participation from @WavecrestGrowth. We’re excited for the future and all that it holds for Impel. https://t.co/ftbX3obEvD
— Impel (@getimpel) January 17, 2023
More than 5 billion customer contacts and close to $2 billion in vehicle sales and service transactions have been influenced by the company’s merchandising and conversational AI technologies to date.
Impel has successfully scaled the business to 200 workers worldwide over the previous two years, completed two acquisitions, and increased sales by more than 100 percent.
“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 e-commerce functionality, the digital disruption that is currently underway shows no signs of slowing,” said Devin Daly, Impel Co-Founder and CEO.
Impel fuels better omnichannel customer experiences
Impel is a digital interaction platform for OEMs, marketplaces, and car dealers, under the direction of Devin Daly, Co-Founder and CEO.
Vehicle manufacturers and retailers can provide more engaging omnichannel consumer experiences while enhancing operational efficiency thanks to the company’s AI-powered technological solutions.
The new investment will considerably improve the startup’s capacity to launch new goods and innovations that have a positive economic impact on both manufacturers and dealers while boosting the consumer experience at all points of contact.
Impel has demonstrated how software providers may use cutting-edge technology to address common issues; in this example, it has altered how dealers interact with and provide for their customers.
The automotive industry, one of the biggest in the world, is experiencing an unprecedented demand for digital technology due to a combination of fast-changing customer behavior, altering market dynamics, and shifting macroeconomic conditions.
Nearly 90 percent of auto dealers surveyed in 2022 by GLG, the largest insight network in the world, agreed that improving customer experiences will be essential to their future success.
To be competitive, it will necessitate further investments in digital technologies like artificial intelligence and digital merchandising.
“While it may seem to many that the hype around AI and machine learning is overblown, Impel has shown how software companies can leverage this cutting-edge technology to solve everyday problems,” said Todd MacLean, Managing Partner at Silversmith Capital Partners.