Wearable tech specialist INCUS Performance has confirmed that it has ceased trading with immediate effect. Initially positioned as a wearable analytics company for swimmers and triathletes, the company more recently applied its Nova wearable device for running.
It had also expanded with a ‘Mixed Reality‘ offering. Here, INCUS used 5G connectivity within the NOVA device to deliver live broadcast of athlete performance data in an event environment.
In a statement, INCUS founder, Chris Ruddock said “It is with great sadness that I must announce the closure of INCUS Performance Ltd.
“Late last year, a crucial cornerstone investment was withdrawn from us at very short notice. It was made clear that this decision was not a reflection of INCUS’s business or potential, but it was as a direct consequence of national and international financial turbulence affecting VC tech and funding markets.
“The situation was particularly devastating, as the team was on the brink of delivering its highly anticipated NOVA 2.0 technology and livestream ‘Mixed Reality’ services at major international races in 2023, and had worked so hard to achieve this.
“The INCUS management team has since tried every available avenue to substitute the shortfall and find alternative funding, but this has not been successful in the timeframe needed. We were therefore forced to begin an insolvency process in January.
Ruddock continued, “Since the gravity of the situation became apparent, the management team has worked tirelessly to explore every option to keep the business going. Until this process was formally concluded, we could not make any public announcements, as this could have been harmful to finding a solution in everyone’s best interests.
“It has only been within the last few days that this process has formally concluded, and we have been permitted to make a public statement.”
Due to the insolvency INCUS | CLOUD swim and run services will end for all active users. INCUS support and contact via email shut down on March 7, 2023; and the INCUS | CLOUD app and features will no longer be supported on iOS and Android.
New sessions recorded with a NOVA device will not be processed once servers are shut down. All personal data and accounts will be gradually deleted from the company’s servers in accordance with GDPR policies.
Chris Ruddock added, “Under other circumstances, we would have wanted to keep some support going for a period of time to allow our members to ask questions and come to terms with what this means. I can only apologise that this isn’t possible.
“We will continue to keep servers running for as long as our providers allow, but the timeframe for this is uncertain, considering the company has now formally been dissolved.
“As a small, independent innovation company, we’ve been proud to navigate the extreme global challenges of the last three years, but this final hurdle has been one too many for us to overcome. It’s been particularly hard to come to terms with, given such genuine promise and positivity for our future just a few short months ago. Our thoughts and best wishes go to those that continue to bring innovation to sport under such difficult global circumstances.
“I couldn’t be prouder of everyone involved in building INCUS, and for the infectious dedication to sport, health and innovation that it embodied. I can only apologise that we couldn’t finish the job as we’d wanted. Thank you for your understanding, and my very best wishes to you all.”
