Leveraging the Innovation Ecosystem for Startup Success - Impel
Posted on April 14, 2023
Shifts in the innovation economy are positioning places like Syracuse to be hubs for startup growth. The ecosystem of support that exists in the region means that entrepreneurs have access to the resources they need to be successful, and their talent has the opportunity to balance careers and a high-quality, lower cost lifestyle. This combination has been an important formula of success for many regional startups in the past few years. These companies are attracting outside equity investments that further accelerates their growth and expansion of the tech sector in Central New York.
Impel, formerly SpinCar, which started at CenterState CEO’s Tech Garden in 2011, is an example of this success model. The company, which sells software to auto dealerships so they can display 3D images of their vehicles online, grew out of The Tech Garden after tapping into its many startup resources including the Innovation Hot Spot program. This growth was capped off by a $104 million investment in early 2023, led by Boston-based growth equity firm Silversmith Capital Partners, with participation from Wavecrest Growth Partners.
Impel’s growth is impressive. Its sales have doubled over a two year period, hitting the $50 million benchmark in 2022. Its team has more than tripled since 2018, going from 60 to 200, with a majority located at its Syracuse headquarters at Icon Tower on S. Warren Street. The company expects its workforce to double by 2025.
To accommodate this growth, Impel has plans to move its headquarters to 30,000 square-feet of space at the new City Center project (see page 9 for more on the City Center story). CenterState CEO’s economic development team has supported the company’s expansion by providing insight into the New York state grant process via the consolidated funding application. Additionally, CenterState CEO provided strategic guidance to the company highlighting the new office’s cost value proposition as a talent recruitment tool, and opportunity to reinforce Impel’s competitive position as a Syracuse-based growing tech company.
Impel continues to be an active part of the region’s innovation ecosystem. Founders Devin Daly and Michael Quigley have been frequent speakers at Tech Garden events and mentors to other entrepreneurs in Tech Garden programs. The company is also collaborating with GENIUS NY cohort five team Vumo (formerly Car Scanner) on opportunities to advance their technologies
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