Houston-based Liongard Inc. raised more money to support its growth and set the software-as-a-service firm on a stronger path to profitability.
The new $10 million in funding was led by Washington, D.C.-based Updata Partners, Liongard announced June 30. Washington, D.C.- and San Francisco-based TDF Ventures, as well as other early-stage investors, also participated in the new investment.
Liongard develops automated software offerings for managed service providers, which handle network infrastructure, support and security for many end users. Liongard currently works with almost 2,000 MSP partners that are supporting over 60,000 end customers.
"Since working with our first MSP partners, we’ve seen time and again the power of visibility into IT data, reducing the time they spend researching customer issues and allowing them to respond faster than their peers," said Joe Alapat, co-founder and CEO of Liongard. "This investment enables us to continue to achieve our vision of delivering visibility into each element of the IT stack."
Liongard has had to navigate a challenging market for technology companies in recent months, Alapat said in June. In implementing a new plan to prioritize profitability, Liongard said it had to lay off an unspecified portion of its team.
"This has been the most difficult decision I've had to make at Liongard and I know it will be challenging for our teammates," Alapat wrote in a LinkedIn post.
Last year, Liongard moved its headquarters into new office space in The Ion, the "innovation hub" developed by Rice Management Co. in the former Midtown Sears building at 4201 Main St.
Liongard was founded by Alapat and Liongard COO Vincent Tran in 2015. The company worked out of Station Houston when the startup incubator started in the Surge Shack in 2016. Liongard moved with Station Houston to its downtown location at 1301 Fannin St. before taking expanded office space in the same building to support its growth.
Liongard closed a $17 million Series B round led by Updata Partners in 2020 and raised a $4.5 million Series A in 2019.
Liongard ranked No. 1 on the Houston Business Journal's Fast 100 — which ranks Houston-area private companies by two-year revenue growth — in 2021 and 2020.
