Color creates ad-hoc social networks based on what you take pictures of. It requires no setup, but does
work well at all only in places where there are already Color users.
They guess what you’re taking pictures of based on your geographic location, and on the direction your phone is pointing. Pretty clever, and a hard technical problem to solve. If they solve it well, they’ll generate lots of location data for marketers to use to target offers. So that’s why they raised money.
Remember, normal users hate setting up new applications. Very few people ever customize applications other than for purposes of self-expression or communication. Color needs no setup. Which is great – providing that it does something useful.
Is it useful? Not really. But it might be fun to see how other people have experienced the place I’m in. Will it generate revenue? Probably. Will it earn it’s investors a return? Doubt it. But in this batshit market, who knows.