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Overwhelming response slows down iPhone iFunding

Overwhelming response slows down iPhone iFunding

Representatives of Kleiner Perkins Caufield and Byers, the firm behind a $100 million venture capital for official iPhone application development, told iPhone Atlas that its managers have been been overwhelmed by the response and subsequent slew of applications submitted for iFunding.

Since the program's inception, KPCB has received more than 1500 applications. Due to the immense activity, KPCB says it's currently missing the approximate two week deadline mentioned on their website. The delay is wrought in part by a meticulous review of all applications, the firm says. Each submission is reviewed by one of the firm's partners before being accepted or denied.

We've already received a few notes from developers who have been rejected from the fund, but none from those who have been granted access to its coffers. One reader writes:

"Rejected, but politely."