Swedish HealthTech startup Tandem Health has raised $100 million in a Series B round led by the EU-backed €5bn Scaleup Europe Fund, marking a new investor in the company. The round, unusually 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.
The Round
The Series B follows Tandem’s $50 million Series A in 2025, bringing the company’s total funding to $160 million. The Scaleup Europe Fund’s investment in Tandem comes hot on the heels of it backing French AI company Mistral and Finnish satellite startup Iceye, and marks the fund’s first investment in HealthTech specifically.
The Scaleup Europe Fund is designed to boost investment in Europe’s tech sector as the region works to compete with the US and China in the race for technological leadership. The European Commission is a founding investor in the fund, alongside private companies including Novo Holdings, CriteriaCaixa, and Santander.
Lukas Saari, CEO and co-founder of Tandem Health, framed the round around the company’s European positioning: “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 Product
Tandem, powered by LLMs, offers clinicians an AI co-pilot that generates medical notes during patient consultations. The company says it’s used by 10,000 care organisations across 14 European markets.
Tandem’s co-pilot has evolved well beyond its original medical note-taking use case, expanding into a full medical assistant that now includes referral notes and patient communications before, during, and after patient visits.
The startup — alongside Lovable and Legora, one of Sweden’s most prominent tech companies — says peer-reviewed research has shown that clinicians using Tandem report a 29% reduction in time spent on admin, a 30% improvement in job satisfaction, and a 30% reduction in administrative stress.
What’s Next
The funding will support European expansion and growing Tandem’s customer base, as well as evolving the product from a medical assistant into what the company calls “an AI-native clinic operating system” — one that also manages patient flows and enables agents to handle additional clinical tasks.
Tandem employs around 170 people and is focused on the European market, with the UK — where NHS clinicians use the platform — its biggest market by user numbers.
