The platform searches blogs, social networks and websites to deliver tailored feeds to the user based on their interests and preferences.
Developed by engineers with experience at Microsoft and Amazon, Wavii is available as a smartphone app or via the web. The service detects subscribers' interests by monitoring their Facebook activity and asking them to select 12 topics or people of note.
Its algorithms use this data to trawl the web in real-time, and convert it into information with context and relevance. The technology can process up to 1,000 articles a minute and has the ability to exclude duplicate articles and unreliable sources.
"Facebook is aggregating all this structured data about your friends, and we are aggregating all this structured data about the world - the other half that Facebook doesn't have," Wavii founder Adrian Aoun told BBC News.
"We are looking at everything and mapping it into story types. We try to look for patterns."
Some analysts have predicted that Wavii could become Facebook's next acquisition target based on its potential as a competitor to its news feed.
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Watch an introductory video for Wavii below: