Only 2 applications out of the reported 1,700 submissions have currently been approved to receive some of the $100 Million venture capital in the iFund. One of those is iControl, a company specialising in home automation technology.
It looks like their Home Security 2.0 product will be ported and expanded for operation from the iPhone. It will allow users to control their home appliances from anywhere in the world via the unrivalled user experience that the iPhone provides. The iFund is run by Kleiner Perkins Caufield & Byers and supported by Apple. Apple will officially launch the SDK and with it the long awaited 3rd party apps, in the next few weeks.