Kit Check Raises $10 Million
Kevin MacDonald came up with the idea for Kit Check when he was sitting at dinner with his wife and her friend. His wife’s friend said that as a hospital pharmacist, she sometimes has to spend a whole workday manually going through stacks of hospital kits with drugs and supplies to make sure that they weren’t expired.
“It seemed absurd to me that someone that highly educated and highly compensated would be manually sorting through hundreds of items and expiration dates,” stated MacDonald.
Fortunately MacDonald has a strong background in RFID technology. Using RFID, he felt like there would be a better way to track inventory. MacDonald spent around 9 months figuring out how to make Kit Check work. Kit Check puts RFID tags on each kit to automate the tracking process so that a pharmacist can scan an entire kit for missing and expired items within seconds.
Kit Check has raised $10.4 million in Series A funding to build out their sales and delivery teams to help them meet with the increasing demand. The company previously raised $100,000 in seed funding from the Rock Health accelerator. This round was led by New Leaf Venture Partners with participation from Sands Capital Ventures, Easton Capital Investment Group, and LionBird.
The content of kits vary between hospitals and could include up to 100 different items. Two individuals in pharmacy need to manually check and re-check the kits. Kit checking costs could cost hospitals $2 billion per year in labor and Kit Check’s solution is 90% faster than the manual process, according to GigaOM.
Kit Check’s competitors include MedKeeper and McKesson. Other companies use barcodes while Kit Check uses RFID tags to track items quickly and comprehensively.