Apple's Watch is designed to be both fashionable and functional.
First Venture Capital Funded iPhone Apps: Whrrl, iControl
Pelago's Whrrl application ties the iPhone's mapping capabilities to help find out restaurants and services in your area:
Say you're lost in Las Vegas and need a restaurant recommendation. With iPhone in hand, you can scan the locations of nearby restaurants, just Italian restaurants, or just those recommended by foodie friends. Or you could search for the highest-rated bars or kid-friendly activities recommended by friends from your social network. There's going to be a "what's going on around me right now" button, says Kleiner Perkins partner Matt Murphy. "You're always one button away from that immediate context."
The other application to receive funding is iControl, a home automation application that would allow you to remotely control devices in your house (such as lighting, air conditioning, etc..) through your iPhone.
Kleiner Perkins has reportedly extended one more offer to another company and has 10 others they are seriously considering. Though no agreements have been put in place, Pelago is optimistic that they could be featured by Apple either at the WWDC keynote or even as a bundled application with the iPhone.