Tandem Health scores $100M Series B, led by EU’s €5bn tech startup fund

Swedish healthtech startup Tandem Health has pulled in $100 million in Series B funding, and the lead investor is a new one for the company: the EU-backed €5 billion Scaleup Europe Fund. That makes this a hefty round even by Series B standards. Existing backers Kinnevik, Northzone, Amino Collective and Visionaries also joined in. Tandem did not say what valuation it raised at.

The new money follows a $50 million Series A in 2025, taking Tandem’s total funding to $160 million. Scaleup Europe Fund, meanwhile, has been moving fast. It recently backed Mistral and Iceye, and now it has made its first healthtech investment.

Tandem’s product is built on LLMs and aimed at clinicians. The company says its AI co-pilot writes medical notes during patient consultations, and that it’s now grown beyond note-taking into referral notes and patient communications before, during and after visits. Tandem says it’s used by 10,000 care organisations across 14 European markets.

The startup is using the new capital to push further across Europe and grow its customer base, while also turning its assistant into what it calls an “AI-native clinic operating system.” That would mean patient flow management and agents that handle more clinical tasks. Tandem says peer-reviewed research has linked use of its product to a 29 per cent drop in admin time, a 30 per cent rise in job satisfaction and a 30 per cent cut in administrative stress among clinicians.

Tandem employs around 170 people and is focused on Europe, with the UK as its biggest market by user numbers. That fits the company’s pitch neatly: build the healthcare AI stack here, not import it from somewhere else. CEO and co-founder Lukas Saari put it bluntly enough. Europe, he said, should be setting the standard for how AI enters healthcare.