iRule Closes $2.5 Million in New Investment
Summary
iRule LLC, makers of the ON Controls home automation system for custom integrators, has closed $2.5 million in Series AA equity financing led by Detroit Venture Partners. The funding is dedicated to expand sales, marketing and product development and comes from existing investor Detroit Venture Partners (DVP), AOL co-founder Steve Case, fulfilling his commitment to invest in the company following iRule’s participation in the Google for Entrepreneurs Demo Day and another new and significant investor. iRule controls audio/video equipment, and all business and home automation devices (the Internet of Things) making it compatible with nearly any system or combination of components. iRule transforms iOS and Android phones and tablets into an intuitive remote control of Internet of Things devices. Founded in 2010 and led by Dan Gilbert and Brian Hermelin, the firm aims to create jobs, urban density, and hope by backing the next generation of Detroit entrepreneurs.