Tungle Corporation

Tungle Corporation

May 08, 2007 07:30 ET

Peer-to-Peer Meeting Coordinator Tungle Secures $1.5 Million in Venture Funding

Attracts Leading Canadian Venture Capital Funds JLA Ventures and Desjardins Venture Capital

MONTREAL--(CCNMatthews - May 08, 2007) - Tungle, the world's first peer-to-peer (P2P) meeting coordinator, announced today that it has secured $1.5 million of venture financing from leading Canadian venture funds JLA Ventures and Desjardins Venture Capital. It has also received an investment from Alex Karakozoff, a U.S. angel investor. The funds will be used to accelerate the company's marketing and engineering activities.

"Building a great company requires the right team, and that includes the investment team," said Marc Gingras, chief executive officer and founder of Tungle. "We could not have chosen a better set of investors to join Tungle. They bring tremendous entrepreneurial experience and an extensive business network. We share the same fanatical belief in providing a great customer experience for our users."

One of the most frustrating and time-consuming activities for a professional is trying to coordinate a meeting with one or more co-workers, business associates or friends without knowing their availability. Businesses and individuals need a simple solution that enables them to coordinate meetings independent of the application or platform they use or the software used by the people they wish to meet. Tungle provides the feature set and ease-of-use to meet those needs.

"Coordinating meetings has always been a headache. I sit on several boards of private and public companies. Sometimes, it takes more time coordinating a meeting than actually having it," said Pierre Donaldson, partner at JLA Ventures. "When Marc and his team showed us their solution, we were amazed by its simplicity and effectiveness. We strongly believe in the viral nature of the product and in the team's ability to execute."

Tungle is a light, but powerful, P2P meeting coordinator. People can use Tungle to arrange meetings with friends, co-workers or business associates no matter where they are or what groupware or calendaring software they use.

"The Tungle solution fills a need that the market has endured for many years. We have confidence in the Tungle management team, to answer these needs," said Fabrice Lucherini, vice-president technologies with Desjardins Venture Capital.

Tungle uses a state-of-the-art, peer-to-peer architecture to keep users' information secure. A user's calendar is not stored on a central server -- only on their computer and that of the people they choose to share their calendar with. Tungle's P2P Engine manages the secure transmission of information and uses advanced authentication and encryption measures to protect users' privacy and maintain the integrity of the network.

"Simply ingenious and wildly innovative. Tungle's strategy of leveraging a peer-to-peer architecture provides full-calendar compatibility inside and outside the enterprise without violating corporate security and technology standards. Even Oracle, where I was a senior executive, or Microsoft, could learn a few things from Tungle," said Alex Karakozoff, a leading U.S.-based angel investor who has provided technology infrastructure to the Global 2000 for more than 30 years.

The current version of Tungle was made available in the second quarter of 2007.

About Tungle

Founded in 2006, Tungle is the peer-to-peer (P2P) meeting coordinator. It enables professionals to easily and effectively schedule meetings with friends, co-workers or business associates. Because Tungle transcends a single corporation or computer system, people can coordinate meetings with friends, colleagues or co-worker no matter where they are or what time management software or groupware application they use. For more information about Tungle visit www.tungle.com

Note: The Tungle name and the Tungle logo are the property of Tungle Corporation. All other brands, trademarks or service marks are the property of their respective holders.

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