Stockholm-based healthtech company Tandem Health has raised $100 million in Series B funding led by the Scaleup Europe Fund, managed by EQT, marking the fund’s first investment in healthcare AI. Existing investors Kinnevik, Northzone, Amino Collective, and Visionaries also participated, bringing Tandem’s total funding to $160 million. The company develops an AI medical assistant for clinicians, covering patient summaries, clinical decision support, documentation, and coding, with three Class IIa medical devices certified under the EU Medical Device Regulation. Tandem plans to use the new funding to expand adoption across Europe, grow its clinician-led team, and evolve its AI Medical Assistant into an AI-native Clinic Operating System capable of managing patient flows and handling additional clinical tasks.
Tandem Health was founded on the principle that someone needs to take care of healthcare in Europe. The Continent’s health systems face a widening gap between demand and workforce and the WHO estimates a shortfall of 1.6 million health and social care workers in 2024, rising to 4 million by 2030. To compound this, the number of Europeans over 65 will rise to around 130 million by 2050, cared for by a workforce that Eurostat projects will shrink to fewer than two working-age adults per retiree.
The current trajectory with rising healthcare costs, shortages of clinicians and an aging population is not sustainable. Tandem Health is part of the solution and is building clinically safe, regulatory-grade AI that clinicians can trust.
Tandem Health offers a complete AI medical assistant that supports clinicians before, during and after the patient visit. It prepares patient summaries ahead of appointments, provides clinical decision support during the consultation, and automatically handles the documentation and coding that follows. It is the only AI Medical Assistant that has an AI Scribe, Coding Assistant, and Clinical Decision Support, each independently certified as Class IIa medical devices under the EU Medical Device Regulation.
Peer-reviewed research has shown that clinicians using Tandem report a 29% reduction in time spent on admin, 30% improvement in job satisfaction and a 30% reduction in administrative stress. Since being founded three years ago, Tandem have established offices in 14 European markets and been brought to over 10,000 care organizations. This includes Europe’s largest care providers such as Ramsay Santé, Humanitas, and the NHS.
The funding will go into two main areas. The first is further accelerating Tandem’s position as the AI partner of Europe’s leading care providers. Continuing doubling down across markets and expanding the clinician-led team that already is composed of 75+ inhouse clinicians developing and delivering AI solutions. The second is expanding from an AI Medical Assistant to an AI-native Clinic Operating System that also manages patient flows and enables agents that solve additional clinical tasks.
Lukas Saari, CEO and co-founder of Tandem Health, said: “Europe’s health systems are under real strain and AI presents a real solution. But until now, European care providers have had to depend either on legacy solutions or AI solutions originally built for other markets that were retrofitted for Europe.
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, targeting €5 billion, was initiated by the European Commission and is managed by EQT. It brings together public and private capital to back ambitious European technology companies at scale, helping them grow into global leaders while strengthening Europe’s technology ecosystem and competitiveness.
Nils Petter Nygaard, Managing Director at EQT and Scaleup Europe Fund, said: “Europe’s healthcare system is composed of a myriad of complexities, including fragmented regulatory regimes and highly varied care models. Tandem is one of the few healthcare technology companies to demonstrate it can scale in a pan-European way, already supporting more than 10,000 care organisations with AI that reduces administrative burden and frees up clinicians’ time for higher-impact work. We believe Tandem has the potential to become the foundational AI layer for European healthcare over the coming decades.”
Read the orginal article: https://arcticstartup.com/tandem-health-raises-100m/
