Swedish healthtech startup Tandem Health has
raised $100m in a Series B funding round, which was led by the EU-backed €5bn Scaleup Europe
Fund, a new investor. The round, which is large for a Series B, also features existing investors
Kinnevik, Northzone, Amino Collective, and Visionaries.
Tandem did not disclose the valuation the round was raised at.
It follows its $50m Series A in 2025, bringing
Tandem’s total funding to $160m. The Scaleup Europe Fund’s investment follows hot on the heels of it backing French AI darling Mistral and Finnish satellite startup Iceye.
Tandem, which is powered by LLMs, offers
clinicians an AI co-pilot that generates medical notes during patient
consultations. It says it’s used by 10,000 care organisations across 14
European markets.
Tandem’s co-pilot has evolved from solving the
use case of medical note-taking, expanding to a full medical assistant, which
now includes referral notes and patient communications before, during and after
patient visits.
The startup, which along with Lovable and Legora, is one of Sweden’s most prominent, says that peer-reviewed research
has shown that clinicians using Tandem report a 29 per cent reduction in time
spent on admin, 30 per cent improvement in job satisfaction and a 30 per cent
reduction in administrative stress.
The funding will be used for European
expansion and driving up its customer base as well as expanding from a medical
assistant to what it calls “an AI-native clinic operating system” that also
manages patient flows and enables agents that solve additional clinical tasks.
Tandem, which employs around 170 people, is
focused on the European market, with the UK, where NHS clinicians use it, being
its biggest market in terms of user numbers.
Lukas Saari, CEO and co-founder of
Tandem Health, said: “We started Tandem to provide an alternative.
Europe should be setting the standard for how AI enters healthcare, not
adopting someone else’s. This funding lets us do that, bringing healthcare
safely into the AI era, working in tandem with patients, clinicians, systems
and nations. That’s how we’re taking care of healthcare.”
The Scaleup Europe Fund is designed
to boost investment in Europe’s tech sector as it struggles to compete with the
US and China in the race for technological domination.
The European Commission is a founding investor in the fund, alongside private companies including Novo Holdings, CriteriaCaixa and Santander. Its investment in
Tandem Health marks its first investment in healthtech.
