Ignoring the advice of the app, I inputted a bunch of startup/company names, and it was surprisingly accurate. In fact, it was a bit more concise than http://www.colorfyit.com/

I tried apple, it was red, then I tried apple computers, and it was more cobalt/grey, very cool.

Facebook was solid, Hacker News and Y combinator were a bit off, but close enough, and slashdot was spot on, so was VLC.

edit: given the description here: https://news.ycombinator.com/item?id=10309209 it makes a lot of sense :)