PE Tech Report


Like this article?

Sign up to our free newsletter

Kit Check secures USD12m in Series B fundraising

Kit Check, a specialist in hospital pharmacy kit processing and medication tracking software, has secured a USD12 million Series B funding round led by Kaiser Permanente Ventures. 

Rex Health Ventures, the venture investment arm of Raleigh, NC-based Rex Healthcare, also contributed to the round. All previous investors from the 2013 Series A funding round also participated in the Series B; these include New Leaf Venture Partners, Sands Capital Ventures, Easton Capital Investment Group and LionBird. Dave Schulte, vice president and senior managing director of Kaiser Permanente Ventures, will also join Kit Check's Board of Directors.

Kit Check has achieved tremendous growth in the eighteen months since the 2013 funding round. At that time, the company was serving seven hospitals with the Kit Check cloud-software and RFID-based solution. By the end of 2013, the customer count had grown to 43 and reached 144 in December 2014. During that period, the number of hospital medications tracked grew from about 400,000 to over 3.6 million today and total users now exceed 5,000. Kit Check also introduced its second product in 2014, Anesthesia Check, which is currently in operating rooms (OR) at three leading hospital systems. Anesthesia Check tracks medications from vial dispensing in the pharmacy, to OR syringe prep, to patient administration and waste – automating recording and safety checks throughout the medication lifecycle.

"Kit Check has proven that easy to use and install cloud software can accelerate technology adoption in hospitals and successfully deliver significant healthcare savings. It has also shown that new technology approaches such as RFID and Internet of Things can fundamentally change how hospitals track medications, reducing manual labor and errors while increasing visibility and patient safety. Having Kaiser Permanente Ventures and Rex Health Ventures as investors in the round is great validation of the current success and growth prospects," says Vijay Lathi, Managing Director of NLV Partners. 

"Kit Check has identified a big opportunity in the pharmacy to reduce cost and improve accuracy in medication dispensing. The team recently extended this concept into the surgical suite to help anesthesia providers with critical labeling, recording and medication administration activities. As the healthcare industry continues its focus on cost reduction while maintaining high levels of accuracy and patient safety, Kit Check is proving to be effective on all three fronts. Rex Health Ventures made this investment because Kit Check has delivered clear value and impressive traction with hospital users," says Bobby Helmedag, Director Rex Health Ventures. 

Kit Check Co-founder and CEO Kevin MacDonald, says: "Kit Check's cloud software solutions have experienced rapid adoption over the past 18 months, while growing our customer base twenty fold. We are happy to see the endorsement by the venture arms of two leading health systems in our Series B funding and look forward to further extending our product portfolio and customer growth. Manual medication tracking in hospitals is costly and introduces unacceptable patient risk in today's healthcare environment. We are excited to be making such a big impact for the industry and for patients."

Like this article? Sign up to our free newsletter