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. The company, located near Dupont Circle, makes software and radio-frequency identification tag readers that help technicians and pharmacists refill medical trays, or “kits,” stationed for emergencies throughout hospitals. The technology takes about an hour to install, the Kit Check website says.
The company was founded in 2012 by Kevin MacDonald and Tim Kress-Spatz, Villanova University graduates with computer-science degrees. It employs about 73 people.
“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,” MacDonald, the chief executive, said.
He said the firm will also add to its product and sales teams.
This investment follows fundraising rounds of $10.4 million in 2013 and $12 million last year. The total raised from outside sources is $37.4 million.
Other C Round funders are Kaiser Permanente Ventures, Rex Health Ventures, New Leaf Venture Partners, Easton Capital Investment Group, LionBird, Sands Capital Ventures and Black Granite Capital.
— Thomas Heath
A proposal to outlaw online advertisements for short-term New York City apartment rentals on sites such as Airbnb has cleared the state legislature.
It’s illegal to rent apartments for less than 30 days in the city.
The measure heading to Gov. Andrew Cuomo (D) would establish fines of up to $7,500 for advertising online or elsewhere for short-term rentals, which have expanded online.
“Airbnb has created a black market for illegal hotel operators,” said Assemblywoman Linda Rosenthal (D), a bill sponsor. The practice reduces affordable housing, she said.
Josh Meltzer, Airbnb head of public policy, said lawmakers “cut a last-minute deal with the hotel industry.” He called the bill “a bad proposal that will make it harder for thousands of New Yorkers to pay the bills.” Airbnb’s analysis shows that about 24,400 city hosts have made rentals.
The civil penalties range from up to $1,000 for a first offense, $5,000 for the second and $7,500 for the third.
New York State Attorney General Eric Schneiderman, who investigated Airbnb rentals from 2010 to 2014, said his office found that 72 percent of the units in the city were illegal.
— Associated Press
● The Tribune newspaper company has officially changed its name to Tronc. The company behind the Los Angeles Times and the Chicago Tribune is shedding its name to rebrand as a high-tech journalism company. Tronc stands for Tribune online content, the company said. Tronc began trading on the Nasdaq stock exchange Monday under the ticker symbol “TRNC.” Gannett , which has offered $864 million to buy Tronc, said this month that it’s still pursuing a deal despite being rejected.
● Facebook shareholders reelected all eight members of the social network’s board, including Peter Thiel. At the company’s annual shareholders meeting on Monday, investors also approved the creation of non-voting shares that would allow co-founder Mark Zuckerberg to sell or give away much of his Facebook stock while retaining control of the company. Both proposals were expected to pass. Christine Jantz of Northstar Asset Management, which owns $5.4 million in Facebook common stock, spoke out to protest the new share structure, calling it irresponsible to allow one person to have the most say in Facebook’s direction.
● The golf products company that owns the Titleist and Pinnacle brands has filed for an initial public offering in the United States to allow shareholders to cash out part of their stakes. Acushnet Holdings, which sells golf clubs, balls and clothing, plans to list under the ticker symbol GOLF, according to a regulatory filing Monday. The Fairhaven, Mass.-based company said it won’t receive proceeds from the share sale, because the stock being sold is held by investors who own the company.
● Walmart will acquire a 5 percent stake in Asian
e-commerce giant JD.com. As part of the agreement, JD.com will take ownership of Walmart’s Yihaodian online marketplace, the companies said Monday. The Chinese branch of Sam’s Club also will open a store on JD.com, and the companies will link their supply chains. The partnership gives Arkansas-based Walmart a fresh start in China after it struggled to adapt to a slowing local economy and a rise in online shopping.
● Puerto Rico has accused the owner of the island’s largest oil supplier of misappropriating $11 million in public funds from the heavily indebted public power company. PetroWest president Jose Gonzalez Amador was recently ordered by the island’s Supreme Court to testify at a Senate hearing amid an investigation into corruption allegations at Puerto Rico’s Electric Power Authority. Justice officials said Monday that Gonzalez and his company are accused of wrongly charging the power company a 0.5 percent tax, which was passed on to consumers.
— From news services
● 10 a.m.: Federal Reserve Chair Janet L. Yellen gives a semiannual report to the Senate Banking Committee.