LaSorda’s IncWell Announces First Investment in Detroit-based iRule
Tom LaSorda launched IncWell LP along with other investors including Roger Penske in early May. On Monday, July 22nd IncWell completes its first investment in Detroit-based iRule: a cloud-based universal remote system for iOS and Android operating systems.
Birmingham, Michigan (PRWEB) July 24, 2013
IncWell announced today their first investment is in Detroit-based iRule, a universal remote control app for iOS and Android that controls all home gadgets from a mobile phone or tablet.
iRule was founded in 2009 by Itai Ben-Gal and Victor Nemirovsky and is currently headquartered in Detroit, Michigan. The application is available in Apple App Store, Android’s Google Play, and Amazon’s appstore for Android, and can also be found at independent dealers around the world.
IncWell is investing $100,000 in a round of Series B funding raised by iRule. The technology company is now reaching an estimated customer base of over 11,000 households.
“We believe that iRule has what it takes to continue to expand around the world,” says Tom LaSorda, Founder of IncWell. “Every home entertainment or automation system will benefit from their universal remote.”
“We’re very excited about IncWell’s investment in iRule. We’re growing quickly and ready to offer better home entertainment and automation to a larger global user base,” said iRule CEO Itai Ben-Gal. “We knew there was a need for a better remote control, and iRule can convert any mobile device into an easy to use control system.”
IncWell received iRule’s online application, held a Live Pitch presentation and finalized the investment in under 60 days. “Speed is critical in the startup space,” says LaSorda, “and IncWell takes speed very seriously.
IncWell LP offers seed funding, strategic partnerships and mentorship for startup companies. IncWell LP is a private venture capital fund founded and managed by Tom LaSorda, former CEO of Chrysler, along with other Limited Partners including Roger Penske, owner of the Penske Corporation, Ted Fuller, an entrepreneur who owns over one million square feet of real estate in Birmingham, Michigan, John Melstrom, a partner at Fenner Melstrom & Dooling PLC for 45 years and Wayne Sales, former CEO of CanadianTire and currently on the board of Tim Horton’s. There are seven other key Limited Partners.
IncWell LP will invest in startups with initial investments ranging in size from $50k to $250k. Learn more or apply online to IncWell at http://www.theincwell.net.
iRule is an application that transforms iPad, iPhone, iPod touch, and Android devices into a universal remote control, allowing its customers full control of audio video gear simply and reliably. iRule focuses on a simple user experience that gives non-experts the ability to quickly and easily create a personalized remote. iRule is fully upgradeable and accommodates users’ changing needs. Learn more about iRule at http://www.iruleathome.com.
For the original version on PRWeb visit: http://www.prweb.com/releases/2013/7/prweb10950171.htm