Color Labs, the Palo Alto-based company that received $41 million in venture capital last year to build a photo-sharing app, will soon shut its doors, according to VentureBeat . "The company’s shareholders and board last week voted to shut the company down," the site reports, after rumors swirled the last few weeks about CEO and Founder Bill Nguyen leaving the company. It's unclear what portion of the initial venture capital remains unspent.
After its first iteration confused users and was panned by critics, Color eventually pivoted to become a live video-broadcasting app. Though the technology inside the app was impressive, its capabilities were easily eclipse by Google and others, who found more exciting applications for live video...
via The Verge - All Posts http://www.theverge.com/2012/10/17/3516428/color-shuts-down
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