Voyce, creator of remote pet monitoring collar, ceases business effective immediately
Company cites slow industry adoption and low revenue as driving factors in closure.
Intersections, a provider of identity risk management, privacy protection and other subscription services for consumers, has announced that it has closed Voyce, its pet health monitoring business. The closure is effective immediately.
i4C, a subsidiary of Intersections, created the animal health monitoring device, which was marketed to veterinarians and pet owners. Discontinuing Voyce's commercial operations will give Intersections the ability to direct its strategy and capital toward identity and privacy protection services, according to a company release.
Slow enrollment into the veterinary monitoring program kept Voyce from achieving an acceptable level of revenue, the release states.
"The Voyce venture was formulated to diversify Intersections' opportunities. Efforts at Voyce have taken longer than expected, and the time required to introduce such a breakthrough technology to the veterinary market was greater than anticipated," says Michael Stanfield, Intersections chairman and CEO, in the release. "Today, Intersections' principal marketplace-identity and privacy protection-continues to expand and provide significant opportunities for growth. Intersections' new service, Privacy Now with Watson, will require intense focus to achieve its maximum potential."
From here the wind-down of the business may include the sale of assets to monetize the Voyce technology. This may include seeking partners to license the technology for the purpose of developing products for veterinary, pharmaceutical and research markets, the release states.