Tuesday, May 27,2008 @ 10:20am
iFund currently only backing two developers
The iFund -- a $100 million resource set up by venture capital firm Kleiner Perkins Caufield & Byers -- is currently only paying to support two different iPhone development projects, writes BusinessWeek. The first of these is a port of an application by Pelago called Whrrl, which lets users scan for nearby attractions visited by them or their friends, as well as hit a button and receive a rundown of ongoing events. Controversially, revenue is expected to be earned by letting advertisers target the movements of individual customers, raising privacy issues.
The iFund has also paid to support a company called iControl, which is developing home automation software that should allow an iPhone to operate as a remote, and thus operate appliances such as lights and air conditioners.
Regarding future investments, KPCB says that while it has received proposals from 1,700 startups, it has only extended an offer to one more; 10 others are said to be under serious consideration.