Color, a US-based mobile photo-sharing application from Bill Nguyen, who previously sold music distribution service Lala to computer company Apple, has raised $41m before launching its service.
The money has come from venture capital firms Bain Capital Ventures and Sequoia Capital and debt and equity provider Silicon Valley Bank.
A patent-pending technology, Multi-lens, from Color identifies nearby smartphones using proximity algorithms. Every photo, video, and text captured by each smartphone through Color, therefore, is instantly shared with surrounding phones also using Color without requiring attachments, uploading or post-production work.