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Tandem Health, a Stockholm-based health technology company, has raised $100 million in a Series B round led by the Scaleup Europe Fund, managed by EQT, marking the fund's first healthcare investment. Existing investors Kinnevik, Northzone, Amino Collective, and Visionaries also participated. The round follows a $50 million Series A in 2025, bringing total funding to $160 million; the company did not disclose its valuation.
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Tandem began as an AI medical scribe that drafts clinical notes from consultations and has since expanded into what it calls an AI medical assistant, preparing patient summaries before appointments, offering clinical decision support during them, and handling documentation, coding, and follow-up afterward. Three components, the scribe, coding assistant, and decision support, hold Class IIa certification under the EU Medical Device Regulation, obtained within the past six months. The company says 10,000 care organizations across 14 European markets use its software, including Ramsay Santé, Humanitas, and the NHS, connecting to more than 130 medical record systems.
The new funding will support expansion in existing markets and development of an "AI-native Clinic Operating System" that would add triage, scheduling, and patient communications to Tandem's current tools. CEO Lukas Saari said the company wants Europe to set its own standard for how AI enters healthcare rather than adopting one built elsewhere.
For the broader MedTech and digital health space, the round reflects continued investor confidence in AI-driven clinical documentation as a foundation for broader "operating system" style clinic software, a category also being pursued by rivals including Nabla, Heidi Health, and Abridge, even as scrutiny continues over AI scribe accuracy in clinical settings, including reported errors in NHS records.
