Earlier this year, Apple (NSDQ: AAPL) surprised us all when Kleiner Perkins Caulfield & Byers announced it would support the iPhone by creating a standalone $100 million iFund focused on making investments in companies building iPhone applications. Six months later, KPCB has written five checks, and the iPhone has turned out to be a dynamic marketplace with millions of applications being downloaded by tons of eager users. Today, I caught up with Matt Murphy, who is managing the iPhone-focused fund, to discuss everything from the potential opportunity that the iPhone represents to what’s next for mobile to Google Android and the recent announcement that Cyriac Roeding, the former EVP of mobile at CBS, will be joining KPCB as an entrepreneur-in-residence.

Here’s excerpts from the interview:

—Why did KPCB decide on creating a fund focused on one platform? Doesn’t that go against the grain of VC’s who like to diversify their risks? “The way we look at the iPhone is that it is the leading platform, and by far has the most advanced data applications. Over time, most companies [in the fund] will eventually diversify to other platforms, so it’s not solely a bet on one platform. But if you are going to try to launch a company right now, and you want to operate on an open platform, the iPhone is the best device because it has a user base that’s anxiously awaiting new applications and they are using it 30x compared to other devices. The iPhone is the place to be. One of the statistics we’ve been looking at is the figure Steve Jobs quoted of there being 60 million downloads in the first 30 days. If you strip out ringtones and wallpaper sales for all the U.S. carriers combined, that’s more downloads than they have in an entire quarter. That means 10 million iPhone users are outselling the entire U.S. market of 250 million mobile devices. So, it’s not risky in that sense. That’s where the traffic is, and that’s where there’s an open environment.”

More after the jump...

—Since your background includes being a board observer at Google (NSDQ: GOOG), what do you think of Google’s mobile strategy, and in particular, of Android? “I’m increasingly positive about it, but I’m a little cautious too. I’ve heard from a number of developers that they’ve made good strides in maturing the development environment. We are all waiting to see what kind of handset volume and carrier traction they get. It’s good to have another open mobile platform out there, and it’s good for the entire mobile industry because it continues to need catalysts to get it to move away from past models focused on closed environments. Are you hesitating to say more because you know more? “No. I don’t want to be a spokesperson in anyway for Google or Google’s plans. I haven’t spent enough time on it. But now that they are getting closer to having something in the market, there’s light at the end of the tunnel. Before it was much more ambiguous, but people are waiting to see the number of handsets and carriers, and the addressable audience.”

—It will be interesting. Google has a lot of users, but Apple has a cult following…there’s a marketing aspect to this, isn’t there?: “With regard to Apple, they do have a cult following, but also they’ve been a great platform company for a long time. They know how to deliver things to developers to make their lives easy. They were the first to solve the app-discovery problem. It’s brilliant, and a lot of people are now trying to knock it off, and a lot of them will be fraught with challenges around fragmentation within the value chain….but Apple was out there first, and they do it best and have set the bar. Others will have a hard time replicating what they’ve done, but the efforts will be good for the industry, and offer consumers more choice and developers more opportunity to reach the consumers.”

—With all the business plans you are seeing, what’s the primary business model you are seeing for mobile right now?: “I think the majority of apps right now are moving towards, or are pursuing a free ad-subsidized model, or a model using virtual goods with some apps being a paid download or monthly recurring charge.” (Virtual goods are used in virtual worlds, such as buying products and services for avatars.) “90 percent will be monetized by advertising, virtual goods, or some form of affiliate fees or commerce (Affiliate fees are defined as a fee paid when an app leads you to buy something on another page, and the app gets a percentage of that sale).

—What do you think of all the browsers being developed? Do you see a day when there’s no need for mobile apps?: “I’m not going to comment on that. I just don’t know, and don’t want to shoot too far off.”

—What will Cyriac Roeding be working on? “He’s coming in as an entrepreneur in residence, and the real goal is to try and figure out the next big thing for him to be the founding entrepreneur of. Along the way, we’ll be working together with portfolio companies and he will help vet out new opportunities, but for the most part he’s here to figure out what the next great new venture he’s going to lead. He’s already been brainstorming on cool new ideas, and in the next three to six months, he’ll find a venture and we’ll be off and running.”

—Will Cyriac’s receive capital from the iFund?: “Cyriac has a broad set of interests, so it’s not definitively where he’ll receive funding from, but it’s by far the highest likelihood.”

—Can you give me an idea of what kinds of ventures you are thinking of? “I don’t want to do that. I’m sure our phones will be ringing off the hook from people who want to get involved in this, so I’ll keep it in the family for now.”

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