Today, we're excited to announce that the Scaleup Europe Fund, managed by EQT, is leading Tandem Health's $100 million Series B, with participation from existing investors Kinnevik, Northzone, Amino Collective and Visionaries. 

Tandem Health is the Fund's first investment in healthcare AI. The capital aims to support Tandem Health in deepening its position as the AI partner to some of Europe's leading care providers, including growing its team of c. 100+ in-house clinicians and expanding its AI medical assistant across more of the clinical workflow, towards an AI-native clinic operating system.

Why we're backing Tandem

Tandem Health is the kind of company the Scaleup Europe Fund was created to back: a European technology company addressing a critical challenge, already demonstrating an ability to scale across highly fragmented markets, with the ambition to build a global leader from Europe. Today, Tandem is used by more than 10,000 care organisations across 14 European markets, navigating different healthcare systems, languages, regulatory regimes and clinical workflows.

For Tandem, the partnership is also about having European scale-up capital behind that ambition. As  Lukas Saari, CEO and Co-Founder, puts it:

“European healthcare works differently, and AI need to be native, rather than retrofitted from other markets. That is what we are building at Tandem. As we continue expanding across Europe, we are proud to have European capital behind us through the Scaleup Europe Fund, managed by EQT. This funding allows us to help bring healthcare safely into the AI era, working in tandem with patients, clinicians, systems and nations. We believe Europe should be setting the standard for how AI enters healthcare, not adopting someone else's.”

Less time on documentation, more time with patients

The pressure on Europe's health systems is structural. The WHO estimates Europe was short of around 1.6 million health and social care workers in 2024 and expects that gap to reach 4 million by 2030, alongside an ageing population and a shrinking working-age population to care for it. No health system can close a gap of that size through hiring alone. The variable that can still move is how much of a clinician's day goes to patients rather than to administration. Time spent typing up a consultation is time not spent with patients.

This is where AI can help. Mario Draghi recently argued in the Financial Times that faster AI adoption could become one of Europe's most important levers for productivity growth; in healthcare, where skilled clinical capacity is already constrained, the potential impact is particularly tangible. An AI assistant can listen to the consultation and draft the structured note, suggest the diagnosis and procedure codes, and draft the referral letter or sick note afterwards. Work that used to be done during the appointment or at the end of the day happens in the background, and the clinician's job becomes reviewing and approving rather than typing. Given how high the stakes are in healthcare, the companies that succeed will likely need both product quality, meaning output that is accurate and reflects how clinicians in each market and specialty actually work, and the compliance and safety that health systems require.

Embracing the complexity: Certified clinical AI for regulated markets 

European healthcare is complex, fragmented and heavily regulated. It is not one market but many, each with its own health system, language, coding framework and procurement rules. Patient data is among the most sensitive that exists and many AI use cases in clinical settings fall under medical device regulation, so providers cannot adopt a tool simply because it works well; it also has to meet the requirements of the market it is used in.

Tandem Health has been designed for this from the outset. Its AI medical assistant supports clinicians before, during and after the patient visit, and it is the only one whose AI Scribe, Coding Assistant and Clinical Decision Support are each certified as Class IIa medical devices under the EU Medical Device Regulation. It integrates with more than 130 medical record systems across Europe, working with the systems clinics already have. 

Behind the product is a founding team that pairs healthcare depth with AI experience: Lukas Saari, Oscar Boldt-Christmas and Oliver Åstrand, between them bringing machine learning backgrounds from Spotify and Google, alongside decades of healthcare experience at McKinsey. They are supported by an in-house team of c. 100 clinicians, helping to develop and deliver the product to the level clinicians require across markets and specialties.

Adopted across Europe, expanding across the entire workflow

Founded in Stockholm in 2023, Tandem Health is today used by more than 10,000 care organisations across 14 European markets, including Ramsay Santé, Capio and the NHS, making it one of few healthcare technology companies to have shown it can scale across European borders. 

Clinicians using Tandem Health already spend close to 30% less time on administration and report lower stress and higher job satisfaction, and we believe that impact will only increase as the product expands across more of the clinician's daily workflows. A scribe that captures the whole consultation is a natural base to build from, and coding and clinical decision support are live today. Over time, Tandem Health intends to extend into the wider clinical and administrative workflow towards an AI-native operating system for the clinic, with each step returning more time to clinicians and their patients.

We're excited to partner with Lukas, Oscar, Oliver and the entire Tandem Health team as they help bring European healthcare into the AI era.

*This is a marketing communication. Please refer to the information document of the Scaleup Europe Fund before making any final investment decisions.*