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New Leaf leads $10.4m Series A for medical software maker Kit Check

16 Jul 2013

drug pharma bottleNew Leaf Venture Partners has led a $10.4m Series A financing round for pharmacy equipment inventory software company Kit Check.

Sands Capital Ventures, Easton Capital Investment Group and LionBird also took part in the round for the business, which was launched in 2012.

A total of seven hospitals are currently using the Kit Check software according to the company, with nine more scheduled for implementation within the next month.

The program is used with pharmacy kits stationed around hospitals which provide swift access to critical care medications.

Each kit can be packed with up to 200 items, and must return to a pharmacy after use for replenishment.

New Leaf managing director Vijay Lathi said, “Kit Check has created substantial momentum in the hospital market based on their clear and valuable solution to a well-defined problem.

“Kit Check’s solution replaces a manual process with technology that efficiently and accurately addresses the full constellation of customer needs, allowing hospitals to shift resources to higher-value activities, while developing deeper insights into their own operations.”

Earlier today it emerged life sciences focused firm RiverVest Venture Partners had exited medical device portfolio company IDEV Technologies for $310m to Abbott Laboratories.

The sale generated a 2.6-times return on the venture capital firm’s $12m investment in the company, which develops medical devices for interventional radiology, vascular surgery and cardiology.

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