Created by teenage entrepreneur Nick D'Aloisio, the free software compiles trending news articles into a single bite-sized chunk for iPhone users to digest.
"What we believed is news on the iPhone-sized screen is currently broken," The Huffington Post quotes D'Aloisio as saying.
"So people are just skim-reading the headlines and no-one is actually standing in line or on the phone and going, 'I want to read this whole story', scrolling through a 1,500-word article."
D'Aloisio, 17, took a year out of school to work on the project, which has attracted big-money backing from celebrities including Stephen Fry and Ashton Kutcher, as well as Zynga CEO Mark Pincus.
Newscorp also offered its backing after entering a deal to have articles from Wall Street Journal, The Times and other publications appear within the app.
Summly is now available to download through iTunes and the App Store.