Transaction Spotlights Auto Industry Demand for AI-Powered Automation and Impel’s Marketing-Leading Engagement Platform
We’re thrilled to announce that we’ve secured a $104 million growth investment led by Silversmith Capital Partners, a Boston-based growth equity firm, with participation from existing investor Wavecrest Growth Partners. This investment is a massive vote of confidence in Impel’s digital engagement platform and solidifies our place as the industry leader in digital engagement.
This investment follows an exciting few years at Impel. Our merchandising and conversational AI applications have powered more than five billion shopper interactions and influenced nearly $2 billion in vehicle sales and service transactions. Our revenue has grown 100% in just two years, and within those two years, we’ve acquired two companies. We now serve over 4,000 customers and power an ecosystem of more than 100 technology and marketplace partners. Our team has profitably scaled to 200 employees globally.
“The past few years have brought massive change to the auto industry as traditional operating models have fundamentally transformed with digital technology,” 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.”
Todd MacLean, Managing Partner at Silversmith Capital Partners, commented, “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. We think that in the automotive market, like all others, the genie is out of the bottle, and there’s no going back to the old way of doing things. Impel has demonstrated how software companies can leverage this cutting-edge technology to solve everyday problems – in this case, changing how dealers engage with and serve their customers. We’re thrilled to join Devin, his team, and our friends at Wavecrest for the next part of the journey.”
Deepak Sindwani, Managing Partner at Wavecrest Growth Partners, echoed MacLean’s excitement. “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. As the category creator, their innovations have significantly impacted how vehicles are sold. The company’s impressive performance to date, coupled with the increasing need for automation in an industry in the throes of transformation, presents a compelling picture of what’s ahead. We are confident in the team’s ability to execute, and we were excited to reinvest in their next growth stage alongside a great partner in Silversmith.”
We look forward to this exciting time for our company, team, and future. Onward! To learn more, read the press release here.