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.
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