Tandem Health Raises $100 Million Series B Led by EU-Backed Scaleup Europe Fund

Stockholm-based Tandem Health has raised $100 million in a Series B funding round led by the Scaleup Europe Fund, the EU-backed vehicle managed by EQT, Tech.eu reported on Sept. 14. Existing investors Kinnevik, Northzone, Amino Collective and Visionaries also took part.

The round follows a $50 million Series A in 2025 and brings Tandem's total funding to $160 million, according to Tech.eu. The company did not disclose the valuation at which the round was raised.

Tandem told The Next Web that the deal is the fund's first investment in healthcare. The fund, which targets €5 billion, was set up by the European Commission with private founding investors including Novo Holdings, CriteriaCaixa and Santander, according to the two outlets.

From AI scribe to clinic software

Tandem began as an AI scribe that listens to consultations and drafts clinical notes. It now sells what it calls an AI medical assistant that prepares patient summaries before appointments, offers clinical decision support during them and handles documentation, coding and follow-up tasks afterward, The Next Web reported.

According to The Next Web, the scribe, coding assistant and decision support each hold Class IIa medical device certification under the EU Medical Device Regulation, which Tandem said it gained in the past six months. The company also said its software connects to more than 130 medical record systems across Europe.

Tandem says the software is used by 10,000 care organisations in 14 European markets. The UK, where NHS clinicians use it, is its largest market by number of users, Tech.eu reported. The company employs around 170 people.

The new money will go toward deeper expansion in markets where Tandem already operates and toward what the company calls an "AI-native clinic operating system" that would add triage, scheduling and patient communications to its existing tools, according to The Next Web.

"Europe should be setting the standard for how AI enters healthcare, not adopting someone else's," Chief Executive and co-founder Lukas Saari said in the announcement, as quoted by Tech.eu.

The evidence behind the claims

Tandem says clinicians using its software report 29% less time on administration, 30% higher job satisfaction and 30% less administrative stress. The Next Web reported that the figures come from a study in JMIR Medical Informatics, published in July, covering 236,153 notes written by 1,295 clinicians at Capio Ramsay Santé, a Tandem customer in Sweden. The time saving was self-reported in a survey answered by 177 clinicians, and three of the study's six authors work at Tandem, including Saari, the outlet reported.

Earlier this year, Tandem acquired Juvoly, a Dutch AI scribe company. The Next Web named Paris-based Nabla, Australia's Heidi Health and U.S.-focused Abridge among its competitors.

"We believe Tandem has the potential to become a foundational AI layer for European healthcare over the coming decades," said Nils Petter Nygaard, a managing director at EQT and the fund, according to The Next Web.