Schweiker-backed start-up folds
No one seems immune from the worldwide financial crisis, not even Mark Schweiker, former Pennsylvania governor and current president and chief executive of the Greater Philadelphia Chamber of Commerce.
No one seems immune from the worldwide financial crisis, not even Mark Schweiker, former Pennsylvania governor and current president and chief executive of the Greater Philadelphia Chamber of Commerce.
A small Bucks County start-up, whose board Schweiker chaired, is among the latest victims of the economic downturn.
The company, VoiceVerified, sold software that could identify people by voice. It was targeted at firms seeking to allow customers easier access to accounts and services over the telephone.
In a letter to investors dated March 4, Schweiker said the firm had "begun winding down company operations."
Schweiker referred questions about VoiceVerified to James J. Volk, the firm's former chief financial officer.
Volk said yesterday that the six-year-old firm had never been able to gain financial traction before it was overwhelmed by the current economic realities.
The company suffered because its key customer base included banks and other financial institutions, which are at the core of the downturn.
He said the company was never able to land the one big client it needed to stay viable.
VoiceVerified had nine employees and had raised $10 million to $20 million from investors to launch its services.
"The economy was just too weak to support it," said Richard Harris, a board member. "It is a shame. The board, including Mark, who has only been chair since July, worked very hard but just couldn't turn it around."
Schweiker is to leave the chamber in the spring to lead the business-processing unit of PRWT Services Inc., a Philadelphia business-services company.
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