I chalk this business up under the "no idea how it got funded" category. 16 million bucks? It almost seems like a joke. What exactly is their business model? I

I chalk this business up under the "no idea how it got funded" category. 16 million bucks? It almost seems like a joke. What exactly is their business model? I get it, they want to annotate 'stuff', but how does that make money? If I want to read a quick summary of a news article, I read the top comment on reddit, or the first paragraph of the article. The meat's right there -- that's how journalism works. If I want to read summary of a book I read Cliff's notes, or an amazon review. What value are these people adding besides TechCrunch drama? It seems nonexistent.