App created by teenager has garnered $1 million in funding from notable investors.
Yahoo CEO Marissa Mayer is reportedly looking to purchase Summly, an app created by teenager Nick D'Aloisio to summarize news articles.
Mayer is said to have met with D'Aloisio in recent weeks, unnamed sources told All Things D. The app itself utilizes an algorithm to showcase relevant information from news articles, subsequently depicting them in a few paragraphs, as well as linking to the full article.
Thus far, the application has received more than $1 million in funding from several investors, including Newscorp owner Rupert Murdoch, Stephen Fry and Tech City CEO Joanna Shields. Hong Kong billionaire Li Ka-shing, founder and chairman of of Horizon Ventures, invested a total of $250,000.
While the app is free, D'Aloisio previously expressed the possibility of monetizing the service by integrating a micro-payments option to read some stories in full. "Traditionally publishers have been confined to a paywall system," he had said. "You can either give away the headline or the full article. But we can really sell the summary level."
The 17-year-old had appointed Bart Swanson to chair the firm behind Summly. The latter is a former Amazon employee that was responsible for overseeing the roll-out of the largest online retailer into Europe.