I’ve been working with Alex on this display, let me add some details…
We are working with the Adafruit bi-color LED matrix . It uses the same i2c controller as the single color matrix . I have code  that works fine with the single color display, but not with the bi-color. I’ve tried running the bi-color at both 3.3 and 5V. I can see that its registers are being written, but nothing lights up. A oscilloscope shows that the clock and data lines have signals on them.
Has anyone been successful at interfacing the bi-color LED matrix to a BeagleBone? How do you do it?