IRule Completes Round A Financing
DETROIT -- Detroit-based iRule LLC, a developer of cloud-based software that allows home electronics to be controlled by iOS devices, said Monday it had completed its round A financing.
Leading the financing was CPoWeR Ventures, the venture capital arm of Compuware Corp., Envy Capital, and several Michigan angel investors.
Compuware's CTO, Paul Czarnik, will join iRule's board of directors.
The company will use the proceeds to launch its marketing and sales efforts and continue product development of its iOS and soon to be released Android based family of products, with future expansions to other operating systems.
IRule was founded in 2009 to develop cloud based software for the smart home.
Said iRule CEO Itai Ben-Gal: "The funding was raised to accelerate the company's growth. The company currently has over 3,600 paying customers in over 39 countries."
Ben-Gal also noted that the funding round was oversubscribed, indicating strong investor interest.
IRule is cloud-based software coupled with simple hardware which controls any infrared, RS232 or Ethernet-enabled audio or video equipment, making it compatible with nearly any system or combination of components. A customizable interface allows users to simplify controls, upload their own images and personalize menus to their preferences.
IRule software is available through Apple's App Store. The iRule gateway package hardware is available at www.iRuleAtHome.com.
