Planview is in flux right now. but I've seen worse from a VC controlled company.
Luckily, Planview has a bunch of the talking heads from before they were acquired (C-Levels) instead of the VC bringing in their own team - which keeps culture and morale around. In the short time I was there we were reorganized twice. Layoffs were based on favoritism alone. Too much hiring before any real demand for their new go to market strategy = lots of rah rah and looking around and wasted money sitting in seats. Too many underutilized employees = lower morale. Lots of unnecessary promotions not based on performance is a bad sign, too.
"Rome wasn't built in a day" would fit well here. Planview is redefining how they go to market with their Enterprise One solution (two of their previous enterprise products now combined). They are creating a new category (Work and Resource Management), but they need to be careful. Lots of players in the space will define that category better and faster if Planview doesn't stick to a defined plan and makes too many false steps that will slow them down (read: won't be a Gartner leader in their OWN category if not careful).
CEO has a lot of enthusiasm (which can be a pro when it's applicable), but needs to lose the pep talks and level with the employees at times. Having a vision and seeing small positive moments along the way is one thing, but preaching to your employees that you've essentially 'made it' is another. Big uptrends take time (years).
If you want to ride the wave with this company it could be beneficial for your career, but you'll have to do a ton of paddling to find success.
You're always at the expense of the VC. This particular VC could acquire several more products in a couple years and flip the company.
Unfortunately, the morale booster phrase for this company is: "There's never been a better time to work at Planview."