Tandem Health raises $100M from Scaleup Europe Fund to develop an AI clinic operating system for Europe

Tandem Health has pulled in $100 million in Series B funding, with EQT’s Scaleup Europe Fund leading the round. That takes the Stockholm startup’s total funding to $160 million and makes it the fund’s first healthcare bet. It’s also a neat signal: Europe’s new capital pool for keeping tech companies on the continent isn’t starting with something flashy. It’s starting with paperwork. Healthcare paperwork, specifically.

Tandem already has real traction. Its AI scribe is used by 10,000 care organisations in 14 European countries, and the company says its tools help clinicians by drafting notes, suggesting billing codes, and providing clinical decision support before filling out the necessary forms. The next step is bigger than a scribe. Tandem wants to build an AI Clinic Operating System that folds patient-flow management into the same setup.

The timing fits the market. The World Health Organisation expects Europe to be short 1.6 million health and social care workers this year, with that gap potentially reaching 4 million by 2030. Eurostat also expects fewer than two working-age adults for each retiree by 2050, as the over-65 population climbs toward 130 million. In that kind of system, saving admin time is not a nice-to-have. It is the pitch.

Tandem’s bet is that hospitals will trust software built by people who understand reimbursement and budgeting, not just code. That shows up in the team: Lukas Saari worked at McKinsey’s Nordic healthcare analytics team and then on machine learning at Spotify; Oliver Åstrand built AI products at Google X, Uber, Depict and Mavenoid; Oscar Boldt-Christmas spent 20 years at McKinsey, including leading its European healthcare practice. The company was founded in 2023, and it is still taking a cautious route, getting certified market by market before expanding.

That caution matters because Tandem’s core tools have been certified as Class IIa medical devices under the EU Medical Device Regulation, which is a heavier lift than many rivals face. Nabla and Heidi Health are pushing on speed and low cost. Abridge has the giant war chest and the US-shaped product. Tandem is choosing the boring European answer: compliance first, then scale. In this market, boring may be the smartest thing on offer.