D.C.-based health tech startup Kit Check has closed a $12 million Series B round of funding led by Kaiser Permanente Ventures. Kit Check, which develops and sells pharmacy and medication tracking and processing software to hospitals,has been having a banner year. A 50 on Fire winner, it added 101 new hospitals in 2014, tracking around 3.6 million medications, and the startup got its own office space in Chinatown. That kind of success needs capital to fuel it, hence the new round, which brings Kit Check's total funding to $22.4 million.
"Kit Check hired more than 30 people in the past year - almost all of them in our DC headquarters," said Kit Check's CEO Kevin MacDonald in an email interview.
Along with Kaiser, the new funding came from a new investor Rex Health Ventures and previous investors New Leaf Venture Partners, Sands Capital Ventures, Easton Capital Investment Group and Lionbird.
"Kit Check has identified a big opportunity in the pharmacy to reduce cost and improve accuracy in medication dispensing," said Bobby Helmedag, the director of Rex Health Ventures in a statement. 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."
Currently, Kit Check software tracks RFID tags used on medication in hospitals, limiting human error and helping hospitals plan ahead. In the last year it added a new product to keep an eye on anesthesia, which could play a crucial role in helping operations go smoothly. Kit Check wants to add the funding to its plans to expand its customer base of almost 150 hospitals, as well as possibly developing new offerings that can use its cloud-based software platform.
"We will use the new funding to expand our hospital customer base and introduce our new Anesthesia Check solution into more surgical suites," MacDonald said. "This funding will also enable us to continue adding more developers, project managers and designers to extend our product capabilities and further expand our market share lead."
