District-based Kit Check, which automates the replenishment of medication kits for hospitals, on Monday announced a $15 million investment led by health-care giant Baxter International.
This is Kit Check’s third round of fundraising.
Kit Check, located near Dupont Circle, makes software and radio frequency identification tag readers that help technicians and pharmacists refill medical trays — “kits” — stationed for emergencies throughout hospitals. The technology takes about an hour to install, according to the Kit Check website.
The company was founded in 2012 by Kevin MacDonald and Tim Kress-Spatz, both of whom graduated from Villanova University with computer science degrees. It employs about 85.
“The investment proceeds will be used to fund our continued expansion of the Kit Check user-base along with further development of the Narc Check and Kit Check analytics products,” chief executive MacDonald said.
He said the company will also use the money to add to its product and sales teams.
The latest investment follows fundraising rounds of $10.4 million in 2013 and $12 million last year. The total amount raised from outside sources stands at $37.4 million.
Kit Check serves more than 250 hospitals. It has tracked more than 13 million hospital medications since it began, and that number is growing by a million a month, the company said.
Kit Check has also expanded into analytics aimed at lowering hospital medication inventory and waste. And the company has launched Narc Check, which helps track drugs used in operating rooms.
The funding came from Baxter Ventures, which is the Illinois’-based health-care company’s investment arm.
Also participating in the latest C Round is Kaiser Permanente Ventures, Rex Health Ventures, New Leaf Venture Partners, Easton Capital Investment Group, LionBird, Sands Capital Ventures and Black Granite Capital.