Tandem Health, a Stockholm-based maker of AI software for clinicians, announced on 14 September 2026 that it had raised $100m in a Series B round led by the Scaleup Europe Fund, which is managed by EQT.
Existing investors Kinnevik, Northzone, Amino Collective and Visionaries also took part. The round follows a $50m Series A in 2025 and brings Tandem's total funding to $160m. No valuation was disclosed.
Tandem said it was the first healthcare AI company the Scaleup Europe Fund had backed. The fund, which was set up to back European technology companies as they grow, is targeting €5bn (about $5.8bn) and invests in deeptech, AI and life sciences.
“Europe's health systems are under real strain and AI presents a tangible 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.”Lukas Saari, CEO and Co-founder, Tandem Health
What Tandem Health does
Tandem sells an AI medical assistant that supports clinicians before, during and after a patient visit. It prepares patient summaries before appointments, offers clinical decision support during the consultation and then handles documentation, coding and follow-up tasks.
The company says its AI scribe, coding assistant and clinical decision support tool are each certified as Class IIa medical devices under the EU Medical Device Regulation, and that it is integrated with more than 130 medical record systems across Europe. It cited peer-reviewed research in which clinicians using Tandem reported spending 29% less time on administration.
Founded three years ago, Tandem says it now has offices in 14 European markets, including Germany, France, the UK, Spain, Italy and the Nordic countries, and that its software is used by more than 10,000 care organisations. Customers include Ramsay Santé, Humanitas and the NHS. The company employs 100 clinicians in-house who help deliver and adapt the product; it did not give a total headcount.
What the money is for
Tandem said the funding would go into two areas. The first is expanding local teams and support across European markets, on the view that each country has its own culture, reimbursement rules and ways of working.
The second is turning the medical assistant into what the company calls an AI-native clinic operating system. That would extend the product from the consultation into patient flow, including triage, scheduling and communication with patients, and deepen its integrations with other systems that care providers use.
Chief executive and co-founder Lukas Saari said European care providers had so far relied on legacy software or AI tools built for other markets. "Europe should be setting the standard for how AI enters healthcare, not adopting someone else's," he said.
Who invested
Nils Petter Nygaard, a managing director at EQT and the Scaleup Europe Fund, said Tandem was one of few healthcare technology companies to show it could scale across Europe, and that it had the potential to become "a foundational AI layer for European healthcare over the coming decades".
The other investors in the round had all backed the company before. Tandem pitched its case partly on demand: it cited a World Health Organization estimate of a shortfall of 1.6 million health and social care workers in Europe in 2024, rising to 4 million by 2030.
Company website: tandemhealth.ai