Nick D'Aloisio, a 17-year-old student from Britain, sold his news reading app "Summly" whose investors include actor Ashton Kutcher and Yoko Ono, to Yahoo for $30 million on Monday, according to tech website All Things D.

D'Aloisio's app is called "Summly" for summary. The free app can automatically summarize news stories for people to read on their smartphones. Yahoo told the New York Times that it plans to incorporate his algorithmic invention in its own mobile apps, but the company did not disclose the amount of the deal.

The app has been downloaded around one million times since it launched in early 2012.

"To me, Yahoo is the best company to be joining right now because it's one of these classic Internet companies," D'Aloisio told the LA Times in an interview. "With new leadership from Marissa Mayer, Yahoo has a strong focus on mobile and product, and that's the perfect fit for Summly."

He has also become a full-time employee at Yahoo and plans to finish his London studies working from the Search Engine's giant office in the United States.

"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," Yahoo said in a statement.

"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."

The teenager reportedly created the app in 2011 in his London bedroom and soon after it caught the attention of many investors including the world's eleventh richest man and Hong Kong billionaire Li Ka-Shing and iPhone designer Sir Jonathan Ive.

Ka-Shing was reportedly among the early investors who supported D'Aloisio before the app was called "Summly," according to the New York Times.

In January 2012, the app was chosen by Apple as its app of the week.

D'Aloisio lives with his parents, Lou Montilla, who works at Morgan Stanley and mother Diana D'Aloisio, a lawyer, in Wimbledon, U.K., according to the Daily Mail.

Both have been supportive of his ventures.

His mother told the Daily Mail, they were "very proud" of their son's achievements. "We knew he'd do things but we didn't expect him to do such great things so young. He's very motivated."

5 Things to Know about D'Aloisio:

-He taught himself to code at age 12, and prior to Summly created several apps, among them, Facemood, a service which used sentiment analysis to determine the mood of Facebook users, and SongStumblr, a geosocial music discovery service.

-D'Aloisio studies Mandarin. He told Forbes that he is doing that "specially because of the Chinese economy."

-He likes sports.

-Creating apps was his hobby.

-He became interested in technology at age 8 when his parents bought him an iPod.

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