D'Aloisio is only 17-years-old. When he started Summly, he was only 15.
Summly scans the Web for news and uses an algorithm to find the type of content you want to read. Then it summarizes it for you.
Yahoo is going to shut down Summly as a stand alone app, but it says it's going to incorporate Summly technology into its own mobile apps and sites.
Clearly, Yahoo CEO Marissa Mayer wanted to hire D'Aloisio. She has been making a lot of small acquisitions like Summly. She wants to bring young, fresh, mobile-focused talent to Yahoo.
Humorously, Aaron Levie, CEO of cloud storage company Box, notes on Twitter that D'Aloisio was born after Yahoo was founded.
There was no price announced with the deal. However, All Things D reporter Kara Swisher says Yahoo paid just under $30 million. The app generated no revenue.
According to Crunchbase, Summly has raised $1.53 million in venture funding from an impressive list of investors.
A year later, the rest of the money came from people like Brian Chesky, the CEO and founder of AirBnb, Mark Pincus, the founder and CEO of Zynga, Ashton Kutcher, Yoko Ono, Wendy Murdoch, and a few other big names in tech.
When Steve Jobs opened the iPhone's App Store, Nick D'Aloisio was only 12-years-old.
D'Aloisio taught himself how to make an app. Three years later he launched his own startup, Trimit, which truncated a news story into 140 characters for people that wanted to tweet out stories.
He realized people didn't want to truncate the news. They wanted the news truncated for them. So, he flipped the app and made Summly.
Previously it was reported Summly only had 500,000 downloads, which is not much for an app. D'Aloisio says Summly has had "90 million summaries read," whatever that metric means.
Here's the release from Yahoo announcing the deal:
Today, we’re excited to share that we’re acquiring Summly,
a mobile product company founded with a vision to simplify the way we
get information, making it faster, easier and more concise.
At the age of 15, Nick D’Aloisio created
the Summly app at his home in London. It started with an insight -- that
we live in a world of constant information and need new ways to
simplify how we find the stories that are important to us, at a glance.
Mobile devices are shifting our daily routines, and users have changed
not only what, but how much information they consume. Yet most articles
and web pages were formatted for browsing with mouse clicks. The ability
to skim them on a phone or a tablet can be a real challenge -- we want
easier ways to identify what’s important to us.
Summly solves this by delivering
snapshots of stories, giving you a simple and elegant way to find the
news you want, faster than ever before. For publishers, the Summly
technology provides a new approach to drive interest in stories and
reach a generation of mobile users that want information on the go.
Nick and the Summly team are joining
Yahoo! in the coming weeks. While the Summly app will close, you will
see the technology come to life throughout Yahoo!’s mobile experiences
soon. So stay tuned!
Mobile devices are at the center of how
we engage with the people, experiences and interests we love. Across
Yahoo!, we’re focused on creating beautiful experiences that people are
excited to use every day -- products that inspire and delight. We can’t
wait to work with Nick and the Summly team to do just that.
In true Summly fashion, I will keep this short and sweet.
I am delighted to announce Summly has
signed an agreement to be acquired by Yahoo!. Our vision is to simplify
how we get information and we are thrilled to continue this mission with
Yahoo!'s global scale and expertise. After spending some time on
campus, I discovered that Yahoo! has an inspirational goal to make
people's daily routines entertaining and meaningful, and mobile will be a
central part of that vision. For us, it's the perfect fit.
When I founded Summly at 15, I would have
never imagined being in this position so suddenly. I'd personally like
to thank Li Ka-Shing and Horizons Ventures for having the foresight to
back a teenager pursuing his dream. Also to our investors, advisors and
of course the fantastic team for believing in the potential of Summly.
Without you all, this never would have been possible. I'd also like to
thank my family, friends and school for supporting me.
Most importantly, thank you to our
wonderful users who have helped contribute to us receiving Apple's Best
Apps of 2012 award for Intuitive Touch! We will be removing Summly from
the App Store today but expect our summarization technology will soon
return to multiple Yahoo! products - see this as a ‘power nap' so to
speak.
With over 90 million summaries read in
just a few short months, this is just the beginning for our technology.
As we move towards a more refined, liberated and intelligent mobile web,
summaries will continue to help navigate through our ever expanding
information universe.
Sincerely,
Nick
Founder
Founder
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