Rylo's 360-degree camera is a tiny package with a lot of promise and cool tricks

But Rylo, a San Francisco startup that's recently released its own such camera, thinks what's more important than being able to take images and video in a full circle is what you can do with them afterward.

In tandem with its camera, the company has developed a smartphone app that's designed to let users quickly take the 360-degree videos they shoot and turn them into polished, professional-looking clips.

The software automatically steadies shaky video and allows users to track a particular person or object in a scene even as that person - or the camera itself - is moving. The software is also designed to let users easily create both split-screen videos and tracking shots that smoothly pan from one vantage point to another.

Designed by a team of engineers that came from Instagram and Apple, Rylo's camera and software have a lot of potential. Unfortunately, they don't quite live up to their promise.  

Here's a look at the new Rylo camera: