Tandem Health closed a $100 million Series B round on Saturday, led by the Scaleup Europe Fund and managed by EQT. The Stockholm-based company, which builds AI tools for clinical documentation and decision support, now counts $160 million in total funding but declined to share its latest valuation.
The deal represents the Scaleup Europe Fund's first healthcare investment since the EU-backed vehicle began deploying capital last year. That fund, targeting roughly €5 billion for late-stage European companies working in AI, life sciences and deep tech, co-led satellite imaging company ICEYE's €1 billion Series F in August. Kinnevik, Northzone, Amino Collective and Visionaries joined the round.
A platform for Europe's fragmented health systems
Tandem sells what it calls an AI Medical Assistant to hospitals and clinics across 14 European countries. The software automates clinical note-taking, medical coding and parts of diagnostic support. More than 10,000 care organizations use the platform, according to the company, which has built integrations with over 130 electronic health record systems.
Three of Tandem's core modules received MDR Class IIa certification this year, a regulatory threshold required for medical device software in the European Union. The company said those certifications arrived between February and June, though the timeline stretches into 2026 based on materials it provided. Tandem also holds ISO 27001, ISO 13485 and ISO 42001 certifications, alongside security approvals from German (C5), Spanish (ENS High) and French (HDS) regulators.
That thicket of compliance work may explain why CEO Lukas Saari talks about the European market in terms other U.S.-focused founders might avoid. "Europe should be setting the standard for how AI enters healthcare, not adopting someone else's," Saari said in a statement Saturday.
Where the money goes
Tandem plans to push the proceeds toward what it describes as an "AI-native Clinic Operating System," a phrase that suggests the startup sees its documentation tools as a wedge into broader clinic operations software. The company also intends to deepen integrations with existing health record systems and expand across its current European footprint.
Saari, who previously ran McKinsey's Nordic AI and digitization practice and worked in machine learning at Spotify, co-founded Tandem with Oscar Boldt-Christmas, a former McKinsey senior partner, and Oliver Åstrand, who spent time at Google X and Uber after earning a master's degree from NYU as a Fulbright scholar. LinkedIn profiles suggest the company employs roughly 200 people, up from 170 in mid-August according to an internal post.
Early traction in Britain and the Nordics
Tandem's largest known deployment runs through Accurx, a U.K. platform that distributes Tandem's scribe technology to around 200,000 NHS staff. A separate four-year procurement deal announced in March gives more than 10,000 clinicians at University Hospitals of Leicester NHS Trust and University Hospitals of the North Midlands access to the same Accurx-powered scribe.
In Finland, Western Uusimaa Wellbeing Services County selected Tandem in August for what the company calls the country's largest AI scribe rollout. That project aims to reach approximately 7,000 healthcare professionals by the end of 2027. "We want to use AI in such a way that professionals are left with more time for what only a human can do," Nelli Myllylä, the county's director of development and innovation, wrote at the time.
The startup has also signed deals with Humanitas in Italy, Doctor Care Anywhere in the UK, and providers in Spain, Switzerland and Germany, though specifics on usage remain sparse.
Clinical results, with caveats
A peer-reviewed study published in JMIR Medical Informatics this past July found that Tandem's AI Scribe cut documentation time by 29 percent among clinicians at Capio, a Swedish provider owned by Ramsay Santé. The paper, which drew on data collected during 2023 and 2024, also noted improved clinician presence during patient visits and lower reported stress levels. Researchers acknowledged limitations, including a single-arm observational design and constraints on measuring editing time.
Funding velocity
Tandem raised a $50 million Series A just last June, led by Kinnevik, which disclosed investing €30 million of a €40 million round in its own quarterly notes. Before that, the company pulled in $9.5 million in seed funding in June 2024. In January, Tandem acquired Juvoly, a Dutch AI medical scribe startup.
The pace reflects broader investor interest in clinical AI, though the field remains crowded. NHS England maintains a supplier registry for ambient voice technology that lists Tandem alongside Tortus, Heidi, Microsoft Dragon and Accurx itself. Tortus announced UKCA Class IIa certification in June, navigating the UK's post-Brexit regulatory path rather than the EU's MDR framework that Tandem has pursued.
A European bet on European healthcare
Nils Petter Nygaard, managing director at EQT and the Scaleup Europe Fund, pointed to Tandem's regulatory clearances and market reach as reasons for backing the company. "European healthcare is complex," he said in Saturday's announcement, an understatement given the continent's mix of public health systems, private insurers and varying data privacy regimes.
Saari told Tech.eu in May that Tandem has "very much taken the full European focus," a strategic choice that sets it apart from U.S. competitors eyeing transatlantic expansion. Whether that focus proves an advantage or a constraint may depend on how quickly European health systems move to adopt AI tools at scale, something that remains uncertain despite the regulatory groundwork Tandem has laid.
