Washington, D.C.-based hospital pharmaceutical tracking startup Kit Check has closed a $15 million Series C funding round led by Baxter Ventures.
"Nine in 10 hospitals that do RFID kit tracking use us,"Kit Check CEO Kevin MacDonald told DC Inno in an interview.. "We have a value-based tech and a great group of hospitals in the network."
The cloud-based software and RFID tags Kit Check offers is designed to simplify that process, and is attracting plenty of new clients for the startup. Pharmacists can quickly scan the RFID tags when restocking, making sure that the right medicine is used in them and keeping track of issues like if new orders are needed or if the medicine is close to expiring. The software also means there's no paperwork needed, as it can print out the necessary details all in the same process. And the company added a new product last year, Anesthesia Check, which does the same thing for anesthesiologists during surgery.
This is the second funding round just this year for the maker of software and RFID hardware for hospital medication tracking. Kit Check started off 2016 with a $2.7 million round of funding. Including the $12 million in funding from a round in early 2015, Kit Check has now raised about $37.4 million. All previous investors are in the new round, along with a new investor, Black Granite Capital.
"It's good validation of the work we're doing," MacDonald said. "We have a pretty clear value proposition to both investors and customers that they respond to."
The new money also comes not long after Kit Check moved into new offices, a speed that matched how quickly it took to arrange the new funding, a month less time than the previous round, according to MacDonald. And the operational headquarters will stay in D.C., although sales people will still be based around the U.S. and Canada, where around 300 hospitals now use Kit Check's devices.
"D.C. is frankly a good place to recruit to," MacDonald said. "There's a wide range of talent here. Growing gets incrementally harder the bigger you get. But we're ready to take things to the next level."
