Baxter Ventures Leads Round; Black Granite Capital, Kaiser Permanente Ventures, Rex Health Ventures, New Leaf Venture Partners, Easton Capital Management, LionBird and Sands Capital Ventures Participate
Kit Check™(https://kitcheck.com), the leader in hospital pharmacy medication tracking and restocking automation software, announced a $15 million Series C funding round led by Baxter Ventures, the venture investment arm of Baxter International Inc. All previous investors from the 2013 Series A and 2015 Series B funding rounds also participated in the Series C, including Kaiser Permanente Ventures, Rex Health Ventures, New Leaf Venture Partners, Easton Capital Investment Group, LionBird, and Sands Capital Ventures. New investor Black Granite Capital also joined the Series C funding round.
“We are proud of our large customer base and the fact that nine in ten hospitals that automate pharmacy kit restocking choose Kit Check. We are also proud that companies like Baxter, that have a deep understanding of healthcare delivery, are investing in our approach to helping hospitals control costs while increasing medication visibility, dispensing accuracy and accountability,” said Kevin MacDonald, Kit Check co-founder and CEO. “Kit Check has proven these solutions deliver strong benefits to hospital pharmacies and can be provisioned at scale. We look forward to using this new investment to further expand our market share leadership and extend our solutions to automate new hospital processes.”
Total Series C Funding: $15 Million (June 20, 2016)
Lead: Baxter Ventures
Total Raised to Date: $37.4 Million (Series A: $10.4 million, July 16, 2013; Series B: $12 million, January 12, 2015)
Medications Tracked Since Founding: 13 million
Hospitals Served: Over 250 in U.S. and Canada
Solutions: Cloud-based Software (SaaS) and Internet of Things (IoT) / RFID for Hospital Pharmacy Process Automation and Medication Tracking
Kit Check has achieved tremendous growth since the 2013 Series A Round when it was working with only seven hospitals. Today, Kit Checks serves over 250 hospitals with 15,000 users. The total number of hospital medications tracked using Kit Check grew from about 400,000 in 2013 to over 13 million by June 2016 and users are adding about one million more each month.
About Kit Check™
Kit Check™ is the leader in automated hospital pharmacy kit processing and medication tracking software. Since 2012, Kit Check™ has focused on replacing time consuming and error prone manual processes for hospital medication handling with faster and safer automation technologies driven by a scalable cloud software platform. Kit Check™ is headquartered in Washington, DC and serves hundreds of hospital pharmacies throughout the United States and Canada.
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