January 12, 2015
The Washington, D.C.-based health startup Kit Check announced today that they raised $12 million in a Series B round of funding led by Kaiser Permanente Ventures. To date, the company has raised a total of $22.4 million in funding. As part of the investment, Kaiser Permanente Ventures vice president and senior managing director Dave Schulte will join Kit Check's Board of Directors.
Other participants in this round of financing include Rex Health Ventures, the venture investment arm of Rex Healthcare, as well as all previous investors from Kit Check's Series A round, which includes New Leaf Venture Partners, Sands Capital Ventures, Easton Capital Investment Group, and LionBird.
“Kit Check’s cloud software solutions have experienced rapid adoption over the past 18 months, while growing our customer base twenty fold,” said Kit Check cofounder and CEO Kevin MacDonald in a statement. “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.”
Founded in 2012, Kit Check has innovated an often time-consuming and error-prone process of dealing with hospital pharmacy kits. Using Kit Check's Cloud software and RFID-based solution, kit processing in hospitals become safer and more efficient (reducing the process from 30 minutes to a mere matter of seconds).
Since its founding, Kit Check has served 144 hospitals and tracked 3.6 million medications. According to the company, this new financing will allow them to expand their product portfolio and grow their customer base.
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