Lingotek Receives $1.6 Million in Second Round of Funding

Canopy Ventures and Flywheel Ventures fund Lingotek’s drive to become leader in language translation technology

PROVO, Utah — March 1, 2007 — Lingotek, provider of meaning-based translation solutions, today announced it has secured $1.6 million in Series A-2 financing. Lingotek has developed a Web 2.0 service called the Language Search Engine™ to dramatically improve the translation process.

The A-2 round was led by Canopy Ventures, of Lindon, Utah contributing $1 million. Previous investors including Flywheel Ventures also participated in the A-2 round. This financing follows a $1 million Series A-1 round of funding in 2006. Lingotek will use the funding to expand its sales and marketing efforts and further increase its presence in the language translation market.

One of every five business throughout the world must bridge the language barrier. Lingotek provides online language information technology that cuts costs in half, doubles the output of human translators and improves the quality of the translations.

"The world is becoming a smaller place where businesses and governments have a stronger need to achieve pin-point accuracy of language translation,” said Brandon Tidwell, managing director of Canopy Ventures. “Lingotek’s offerings are having a tremendous impact in world markets and are changing the way organizations manage their translation needs. We look forward to working with Lingotek’s management to bring compelling solutions to this very promising market.”

Lingotek’s CEO Tim Hunt said, “We are very pleased that Canopy Ventures has led this round of financing. We are fortunate to have such supportive venture capital investors to help our company move to the next level and into new markets. Lingotek’s technology is an essential element in producing stellar translation services for governments and businesses.”

Lingotek’s customers are quickly recognizing that traditional methods for translation are outmoded and outdated to meet the increasing demands of global communication. Language professionals today need a fast, easy and inexpensive method to access relevant multilingual knowledge. Lingotek’s Language Search Engine satisfies language professionals’ demands for translation knowledge.

Don Emerson, director of the southeast division of CACI International Inc, which provides IT and network solutions for defense, intelligence and e-government said, "Our partnership with Lingotek allows us to offer our customers significantly enhanced distributed language translation capability.”

About Lingotek
Lingotek is a software development company who has created the first Language Search Engine. The Language Search Engine searches translated content for human translators like an Internet search engine searches the Internet. It helps translators find the same words with the same meaning in the same context in any language in the world. Their software runs in a web browser and helps human translators translate faster, better and cheaper. More information may be found at http://www.lingotek.com.

About Canopy Ventures
Canopy Ventures is an early-stage venture capital firm targeting information technology companies in the western United States. Its primary areas of focus include enterprise software, IP video technologies, networking and communications, security software, WI-FI broadcasting, IT hosting and software as a service. Its offices are in Lindon, Utah. More information may be found at http://www.canopy.com.

About Flywheel Ventures
Flywheel Ventures is a venture capital firm that makes investments of first institutional capital in the Mountain West. Flywheel targets companies based on innovations in information technology and the physical sciences. The firm matches talented entrepreneurs and market opportunities with Flywheel’s capital, entrepreneurial experience, and industry relationships to accelerate innovations into profitable companies. Flywheel is based in Santa Fe and also has offices in Albuquerque and San Francisco. For more information on Flywheel, please visit http://www.flywheelventures.com.