The venture capital firm started by former Chrysler CEO Tom LaSorda has made its first investment
in a Detroit-based firm.
IncWell is investing $100,000 in iRule, which makes 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.
“We believe that iRule has what it takes to continue to expand around the world,” LaSorda said. “Every home entertainment or automation system will benefit from their universal remote.”
LaSorda was CEO of Chrysler in 2006 and 2007 was a 23-year employee of General Motors before that. He was CEO of Fisker Electric for eight months in 2012.
IncWell has 12 investors, including racing mogul Roger Penske, and is based in Birmingham.
It plans to provide $50,000 to $250,000 in seed money for companies and entrepreneurs in medical devices and technology, health care, clean energy, automotive, software, apps and information technology.
“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.”
The app is available through Apple’s app store, Google Play and Amazon.
IncWell received iRule’s online application, held a Live Pitch presentation and finalized the investment in under 60 days.
