May 27th 2008
By Mike Flaminio
Ars Technica reports that the first company to get any iFund cash is
Pelago and iControl.
• Home Security 2.0
-- Simply plugs into the home network and connects wirelessly to security panels, IP cameras, sensors and Z-Wave-based home automation devices (such as lighting, door locks, thermostats, etc.) delivering a host of advanced functionality.
[u] We previously reported that Pelagio had been named, as well. However, Pelagio received funding from Kleiner, Perkins, Caufield & Byers, backers of the iFund, before the iPhone platform funding scheme was announced. [u]
iControl's product is:
It's interesting that neither of these products are actually iPhone-specific and, at least theoretically, have broader appeal. Thereupon, iFund's claim that it would provide $100 million in development cash for the platform seems a little hollow.
Also, to date, over 1,700 iFund applications have been received and only two accepted. The fact that Apple's iPhone 2.0 software and 3G iPhone will be launched on June 9 makes one wonder just how serious these people are about giving away their money.
[u] Washington Post reports that Pelago that it has secured $15 million in a second round of funding. Originally, Pelago received funding from Kleiner, but after the prestigious valley firm announced it was launching the $100 million iFund, Pelago was transfered over to become the first iPhone application investment. [u]
Let them eat hype!
But, leave it to the good doctor to put things in perspective. Macenstein provides this helpful bit of analysis:
We're no mathemagicians, but that more or less means the iFund trustees only deem 0.17% of all apps being submitted as showing any promise, or, to the glass half-empty crowd,
99.83% 99.92% of all new iPhone apps will suck.
So, which is it?
99.83% 99.92% of all iFund applicants "suck" or that the iFund's advertised $100 million is 90+ percent hype?
My money's on the latter...
What's your take?