Grady Out, New Investment In At Deem

Deem confirmed the departure of founder and CEO Patrick Grady, along with a new round of funding.

The San Francisco-based company, which provides online booking, expense, spend management and ground transportation technology, secured $34 million in its latest round from current investors PointGuard Ventures and Hony Capital, the company confirmed.

According to a company statement, Grady will be "stepping down in the coming weeks." PointGuard Ventures managing director Krish Panu will assume the role of chairman and CEO, and John Rizzo will become "the day-to-day, operational head" as president and COO. First reported by The Company Dime, rumors of Grady's departure had been swirling this week.

He founded the company in 2000 and oversaw several rounds of major funding as well as a few pivots and identity changes: first as Gazoo, then Talaris and then Rearden Commerce.

The company stated that its go-forward plan is to "focus on our core" of travel, expense and ground transportation technology, "with support for important ancillary products continuing."