The tech world is buzzing over a new social networking app for iPhone and Android called Color that launched Wednesday, after securing an "eye-popping" $41 million in venture capital, possibly the most "pre-launch funding in start-up history." The free (for now) app is location-based, like Foursquare and Grindr, and allows Color users to post and share photos or video with other "adjacent" users simultaneously. To take a birthday party as an example, rather than waiting for fellow party guests to post their event photos via Facebook, Color users can see the event unfold, photographically, as it happens. Its potential to create a virtual, multi-perspective view of time and place is being hailed as "miraculous," and a possible challenger to Facebook. But is it really a $41 million idea? (Watch an intro for the Color app)
Yes, it's revolutionary: "Just as the iPhone changed everything about mobile phones, Color will transform the way people communicate with each other," says Mike Krupka, managing director of Bain Capital Ventures, a Color investor, as quoted in the Financial Times. "Once or twice a decade a company emerges from Silicon Valley that can change everything. Color is one of those companies."
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