Tandem Health co-founders, from left: Oliver Åstrand (CTO), Lukas Saari (CEO) and Oscar Boldt-Christmas (CCO) Credit: Tandem Health Stockholm-based Tandem Health has raised $100m in a Series B round led by the Scaleup Europe Fund, which EQT manages. The company announced the round on 14 September. Existing investors Kinnevik, Northzone, Amino Collective, and Visionaries also took part. Tandem said the deal is the fund’s first investment in healthcare.
The round follows a $50m Series A in 2025 and takes its total funding to $160m. The company did not disclose its valuation, Tech.eu reported. From AI scribe to clinic software Tandem started as an AI scribe, software that listens to a consultation and drafts the clinical note. It now sells what it calls an AI medical assistant.
The tool prepares patient summaries before an appointment and offers clinical decision support during it. Afterwards, it handles the documentation, coding, and follow-up tasks. Three parts of the product hold Class IIa medical device certification under the EU Medical Device Regulation: the scribe, the coding assistant, and the decision support. Tandem said it gained those certifications in the past six months.
It also said it connects to more than 130 medical record systems across Europe. The company says 10,000 care organisations in 14 European markets use the software, among them Ramsay Santé, Humanitas, and the NHS. The UK is its largest market by number of users, according to Tech.eu. The new money will go into two areas.
The first is deeper expansion in the markets where Tandem already has offices. The second is what the company calls an “AI-native Clinic Operating System”, which would add triage, scheduling, and patient communications to the existing tools. “Europe should be setting the standard for how AI enters healthcare, not adopting someone else’s,” chief executive and co-founder Lukas Saari said in the announcement. Founders from McKinsey, Spotify, and Google X Saari founded Tandem in 2023 with Oliver Åstrand and Oscar Boldt-Christmas. Saari led McKinsey’s Nordic healthcare analytics team, Sofia Chesnokova reported for Tech Funding News.
He then worked on machine learning at Spotify. Åstrand built AI products at Google X and Uber. Boldt-Christmas spent 20 years as a senior partner at McKinsey, where he led its European healthcare practice. In January, Tandem bought Juvoly, a Dutch AI scribe. Juvoly handled more than 200,000 consultations a month for over 1,500 GPs and other clinicians at the time, Techzine reported.
Tandem is not alone in chasing European clinics. Tech Funding News named Paris-based Nabla and Australia’s Heidi Health as rivals, along with US-focused Abridge. What the research shows, and what it does not Tandem says clinicians using its software report 29% less time on admin, 30% higher job satisfaction, and 30% less administrative stress. Those figures come from a study in JMIR Medical Informatics, published in July.
The study covered 236,153 notes written by 1,295 clinicians at Capio Ramsay Santé, a Tandem customer in Sweden. The time saving was self-reported: 177 clinicians answered a survey and estimated their documentation time at 4.72 minutes, against 6.69 minutes before. Three of the six authors work at Tandem, and Saari is one of them. The tools remain under scrutiny in Tandem’s largest market.
Last month, TNW reported that AI scribes were getting drug names and diagnoses wrong in NHS records. The fund behind the round The European Commission set up the Scaleup Europe Fund to keep promising technology companies in Europe as they grow. It targets €5bn and mixes public and private money. According to Tech.eu, its founding investors include Novo Holdings, CriteriaCaixa, and Santander alongside the Commission.
Tandem joins a short list of the fund’s bets. It backed Lovable’s $400m round in August and Mistral’s €3bn raise this month. The public money behind such funds has drawn questions about whether it can make European scale-ups grow. Nils Petter Nygaard is a managing director at EQT and the fund. “We believe Tandem has the potential to become a foundational AI layer for European healthcare over the coming decades,” he said in the announcement.
Tech.eu counts Tandem among Sweden’s most prominent startups, alongside Lovable and legal AI company Legora.
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