AS WE LEARNED IN OUR FIRST TWO SEASONS OF ON THE MONEY, CENTRAL NEW YORK HAS MORE THAN ITS SHARE OF START UP COMPANIES WORKING WITH ALL FORMS OF NEW TECHNOLOGIES.

SOME COMPANIES WITH TIES OUTSIDE CENTRAL NEW YORK HAVE COME HERE TO LAUNCH AND GROW THEIR BUSINESSES, WHILE OTHERS ARE MUCH MORE LOCAL TO OUR REGION.

TWO FRIENDS FROM CHRISTIAN BROTHERS ACADEMY HAD AN IDEA - THEIR GOAL WAS TO SHOW A PRODUCT ONLINE USING AN INTERACTIVE, THREE D APPROACH TO GIVE CONSUMERS A FAR BETTER VIEW OF THE PRODUCT'S FEATURES.

INITIALLY, SUCCESS WAS HARD TO FIND - BUT WHEN IMPEL APPLIED THEIR TECHNOLOGY TO THE AUTOMOBILE INDUSTRY, THE BUSINESS TOOK OFF.

ON THE MONEY MET WITH ONE OF IMPEL'S CO-FOUNDERS TO CHECK ON THEIR SURPRISING GROWTH AND THEIR FUTURE.

>> WANTED TO START OUT WITH A LITTLE BACKGROUND ON YOU, YOUR PARTNER DESK BAILEY FOUNDED IMPELL BUT BEFORE WE GET THERE, TWO LOCAL GUYS, CBA GRADS, OFF TO YOU GO COLLEGE, YOU ARE IN THE CORPORATE WORLD AND SOMEBODY COMES UP WITH AN IDEA OF I GUESS LIKE A SOFTWARE TO SHOW APAIR, I THINK, RIGHT, RETAIL PRODUCTS ONLINE AND WITH MORE DETAIL.

IS THAT HOW IT STARTED.

>> YOU ARE ABSOLUTELY RIGHT.

: WE GOT OUR START IN THE RETAIL SECTOR.

WE HAD SEEN AN EARLY ITERATION OF VIRTUAL REALITY OR A.R.

WITH APPLE AUTOS' RECENT ANNOUNCEMENT... >> JUST TO SHOW PRODUCTS IN MORE DETAIL OPPOSED TO A SWEATER, YOU KNOW, ONE SHOT.

>> THERE WAS A 360 VIEW OF, YOU KNOW, ANY PRODUCT YOU COULD IMAGINE WANTING TO PURCHASE ONLINE AND STARTED IN A LOT OF FASHION ITEMS, ACCESSORIES, HAND BAGS, THAT KIND OF THING.

>> RETAIL STUFF.

>> ALL RETAIL STUFF.

>> IF SOMEONE CAME TO ME WITH THE IDEA, WOULD I SAY THAT'S A PRETTY GOOD IDEA, BUT IN REALITY, IT DIDN'T QUITE MEET YOUR EXPECTATIONS, CORRECT?

>> NO, IT DID NOT.

FOR A LOT OF REASONS, MAINLY FASHION IS SEASONABLE.

AND AS A RESULT RETAIL ONLY USED THE SOFTWARE A COUPLE TIMES OF YEAR TO PHOTOGRAPH THEIR COLLECTIONS BUT THERE IS ANOTHER INDUSTRY THAT HAS A STEADY STREAM OF INVENTORY FLOWING IN AND OUT AND IT'S A HIGHLY CONSIDERED PURCHASE AND THAT IS AUTOMOBILES.

: >> SO SOMEBODY HAS THIS IDEA, WHY NOT TAKE THIS TO THE WHOLE AUTOMOBILE SECTOR.

SPIN CAR, BOOM.

>> AND THERE WE HAVE IT: FOUND PRODUCT MARKET FIT AND THAT WAS ABOUT SEVEN OR EIGHT YEARS AGO NOW AND ON THE BACK OF THAT AUTOMOTIVE CENTRAL PRODUCT REORIENTED OUR WHOLE BUSINESS.

OTHER VARIOUS DIGITAL COMMUNICATIONS AND MERCHANDISING PRODUCTS.

>> ONE THING I THOUGHT ABOUT THOUGH WAS, YOU KNOW, YOUR CUSTOMER IS THE DEALER.

YOU DON'T SELL CARS.

YOU SELL YOUR SOFTWARE TO A CAR DEALER.

>> THAT'S CORRECT.

>> HOW DO THEY NOT DO THAT ON THEIR OWN?

HOW DO YOU GET PROTECTION THERE?

>> WE HAVE SPENT MILLIONS OF DOLLARS IN R & D AND HAVE BUILT UP REALLY, YOU KNOW, NETWORK EFFECTS WITH REGARDS TO, YOU KNOW, OUR A.P.I.

INTEGRATIONS ACROSS THE ECOSYSTEMS SO IT'S NOT JUST-- OUR CONTENT IS NOT JUST VISIBLE ON A CAR DEALERS WEBSITE BUT OEM WEBSITES AND CAR GURUS AND CARS.COM AND WE HAVE ESTABLISHED OURSELVES AS THE STANDARD FOR 360 IMAGING.

>> HOW DO YOU MONETIZE THIS?

YOU SELL THE SOFTWARE TO THE DEALERS AND THEY PAY YOU A ONE TIME FEE OR PERCENTAGE?

HOW DOES IT WORK.

>> BUSINESS MODEL IS SOFTWARE SERVICE.

OUR DEALERSHIP CUSTOMERS PAY US A MONTHLY SUBSCRIPTION FEE TO USE VARIOUS PIECES OF OUR PLATFORM.

>> I READ RECENTLY, CORRECT ME, I HOPE I HAVE THE NUMBERS RIGHT, A SHORT TIME AGO, $104 MILLION OF CAPITAL FROM A COUPLE OF PRIVATE EQUITY HEDGE-TYPE FUNDS, THAT'S A LOT OF MONEY.

THAT'S A PRETTY GOOD SCORE.

>> YEAH, NO, WE ARE REALLY PLEASED TO PARTNER UP WITH SILVERSMITH AND PREVIOUSLY INVESTOR WAVE CREST PARTICIPATED IN THE ROUNDS THAT CLOSED ON Q1 OF THIS YEAR AND WE REALLY LOOKED AT RAISING THAT OPPORTUNISTICALLY.

WE TURNED THE CORNER ON PROFITABILITY.

>> BEGS THE QUESTION, WHERE DOES ALL THAT MONEY GO?

WHY DO YOU NEED THAT MUCH?

WHAT IS THE NEED FOR THAT.

>> YEAH WE THINK THERE IS THE OPPORTUNITY TO CONSOLIDATE AND CONTINUE TO ACQUIRE OTHER COMPANIES WITHIN THE AUTO TECH LANDSCAPE.

WE HAVE DONE, YOU KNOW THAT TWICE NOW.

OUR FIRST ACQUISITION AND ANOTHER COMPANY OUT OF L.A. CALLED CARLABS AND WE CAN CONTINUE TO GROW ORGANICALLY.

>> I GET ACCUSED OF BEING A CHEERLEADER ON INTERVIEWS BUT I WORRY ABOUT THIS AND TRYING TO PREP FOR THIS, THERE ARE A COUPLE OF OBSTACLES OR CHALLENGES I THOUGHT OF FOR YOU.

ONE OF WHICH BEING THE WHOLE GENERAL FIELD OF TECHNOLOGY, IT CHANGES SO RAPIDLY.

AND HOW DO YOU STAY CURRENT WITH IT AND BETTER YET, HOW DO YOU STAY AHEAD OF CHANGES IN TECHNOLOGY?

BECAUSE WHAT I'M SEEING OUT THERE, YOU NEED TO DO THAT, RIGHT?

>> YEAH, YOU MENTIONED THE ENERGY LEVEL IN THE OFFICE, THAT'S ONE OF OUR CORE CORE VALUES AND CURIOSITY.

STAYING CURIOUS FSMS WE HEAR ABOUT SOME NEW TECHNOLOGY OR A CUSTOMER RAISES SOME INTERESTING THING THEY SAW OR, YOU KNOW, ONE OF OUR, YOU KNOW, ENGINEERS, READS SOME RESEARCH PAPER, WE ARE ALL OVER IT.

AND WITH A.I., WE PICKED UP THIS A.I.

COMPANY NEARLY TWO YEARS AGO BEFORE ANYONE KNEW WHAT CHATGPT WAS.

SO A LOT OF RESEARCH... >> KUDOS TO YOU.

WAS THAT LUCK OR DO YOU KNOW WHAT YOU ARE DOING THERE?

>> LUCK IS A COMPONENT OF EVERYTHING, I THINK.

BUT I THINK WE REALIZED THAT, YOU KNOW, ESPECIALLY WITHIN DEALERSHIPS, YOU KNOW, THEY'RE FACING LABOR MARKET SHORTAGES.

THIS IS SO MUCH THE BROADER RETAIL AND VERY FOCUSED ON WAYS WE CAN AUTOMATE JOBS THAT FRANKLY ARE TOUGH JOBS THAT MOST PEOPLE DON'T WANT TO DO ANYWAY.

AND TARGET NUMBER ONE IS THAT CALL CENTER JOB.

>> CURRENT NUMBER OF EMPLOYEES HERE.

>> SO WE HAVE JUST OVER 200.

>> 2 UNHAD.

>> 200.

>> HOW MANY DO YOU NEED?

DO YOU HAVE OPENINGS?

>> WE ARE.

HIRING IS OUR BIGGEST CHALLENGE, KEEPING UP WITH OUR GROWTH RATE.

>> EVERYONE I'VE TALKED TO ON THE FIRST TWO SEASONS OF THIS SHOW, WHEN WE TALK ABOUT EMPLOYEE, THE NEED FOR EMPLOYEES, SAME THING.

WE'VE PEE GOT-- I'M MAKING THIS OPEN.

10 OPENINGS WE CAN'T FILL.

25 OPENINGS WE CAN'T FILL.

HOW ARE YOU GOING TO FIND THE PEOPLE?

THROUGH DO THINGS LIKE THIS AND CREATING MORE VISIBILTY FOR THE BUSINESS BUT IT'S A GREAT PROBLEM TO HAVE.

ANY GROWING BUSINESS FACES THE SAME CHALLENGE.

IT'S A FUN ONE.

>> WE MENTIONED AT THE BEGINNING YOU AND YOUR PARTNER ARE LOCAL.

MOST OF THE FOLKS OUT HERE ARE LOCAL.

LET'S BE HONEST, YOU KNOW, COULD YOU TAKE THIS ANYWHERE IN THE COUNTRY.

WHY STAY IN CENTRAL NEW YORK?

>> THIS IS OUR HOME.

WE THINK THERE IS NO BETTER PLACE TO DO BUSINESS THAN HERE IN CENTRAL NEW YORK.

WE THINK, YOU KNOW, CULTURALLY VALUES OF CENTRAL NEW YORK ARE UNIQUE AND SECOND TO NONE.

>> MICHAEL, TWO, THREE YEARS FROM NOW, WHAT AM I GOING TO HEAR, WHAT AM I GOING TO READ ABOUT IMPEL?

>> TWO OR THREE YEARS FROM NOW, HOPEFULLY WE'VE GOT VIRTUALLY EVERY, YOU KNOW, AUTO RETAILERS IN THE U.S.

USING OUR PRODUCTS, MORE OFFICES OVERSEAS, PROBABLY A LITTLE MORE INVESTMENT, MORE ACQUISITIONS AND ULTIMATELY, HOPEFULLY YOU'LL HEAR A MUCH EASIER ENVIRONMENT TO FALL IN LOVE WITH YOUR NEXT CAR.

>> YOU WANT TO TRIPLE THAT BY 2026?

TOO LOFTY?

>> IF NOT A LITTLE SOONER THAN 2026.

WE ARE TRACKING THAT WAY.

>> WELL, WE WISH YOU LUCK WITH THAT SUCCESS AND REALLY ENJOYED OUR TIME TODAY THANK YOU FOR JOIN CAN US.

>> THANK YOU, DAN.

>> THANK YOU.