U.S. Auto Veterans Penske, LaSorda Launch Venture Fund

Car racing mogul Roger Penske and former Chrysler President Tom LaSorda have started IncWell LLC, a venture capital fund to invest in technology startups.

Birmingham, Mich.-based IncWell will provide seed capital of $50,000 to $250,000 to entrepreneurs with new technology for clean energy, healthcare, information, medical or transportation applications. The fund declines to disclose the amount of capital it has to invest.

LaSorda, who was CEO of now-floundering hybrid car maker Fisker Automotive Inc. from February to August 2012, says the new fund isn't likely to invest in electric or hybrid car ventures. He says IncWell will focus on companies with breakthrough technologies that don't yet have large cash needs.