Boy bags $1mn from investors for app

A British schoolboy has launched an Apple iPhone app that condenses news articles into three key paragraphs, after raising one million dollars from investors.

Nick D'Aloisio, 17, who lives with his family in London and still gets an allowance every month, created the app name 'Summly'.

A prototype attracted an investment of around 300,000 dollars in November 2011 from Horizons Ventures, the private technology investment company of Hong Kong billionaire Li Ka-shing, also a backer of Facebook, Siri and Spotify.

According to the Telegraph, the investment arrived on Nick's 16th birthday, making him one of the youngest people ever to attract venture capital funding.

The prototype was downloaded more than 150,000 times and was chosen by Apple as its App of the Week in the UK and other countries, the paper said.

According to the report, Nick teamed up with experts in London, and the Stanford Research Institute, to work on the technology and design.

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