Venture Capital: Impel, A Digital Platform For Car Buyers, Nabs $104M
Impel’s AI-powered technology solutions enable vehicle manufacturers and retailers to deliver more engaging omnichannel customer experiences while driving greater operational efficiency.
Impel, a New York-based digital engagement startup, has secured $104 million in a growth investment led by Silversmith Capital Partners and additional investment from Wavecrest Growth Partners.
The company offers an AI-powered customer engagement platform for the automotive industry, allowing shoppers to have a more tactical car-buying experience online. With around 100 partners in the automotive space, Impel has had a hand in $2 billion worth of car sales since its inception in 2011 and has grown its revenue by 100% in the past two years. (CISION PR Web)
As the car market continues to shift online and away from traditional dealerships, companies like Impel are using AI to target customers with personalized messaging and accurate price estimates.
The funding will be utilized to ramp up 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.
“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 said: “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 – in this case changing how dealers engage with and serve their customers. 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.”
Related Story: Indian Used Car Platform CARS24 Nabs $450M
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