LiquidPlanner, a Seattle based project management software business, said it received $8 million in Series B funding from TVC Capital, a San Diego equity firm specializing in the software industry.

As a result of the investment, Steven Hamerslag, managing partner of TVC Capital, joins LiquidPlanner’s board of directors.

The recent investment marks the first time that LiquidPlanner has accepted venture funding since its founding in 2007, the company said.

The funding will be used to expand sales and marketing initiatives and further invest in product development, engineering, and operations, the company said.

The company’s patent-pending technology allows organizations to more accurately plan projects using best case and worst case estimates and priority order to generate realistic schedules. As priorities shift and new work is added, LiquidPlanner automatically recalculates the schedule. The software also lets team members track times, share documents and communicate all details within their project portfolio, the company said.