Stockholm-based health technology company Tandem Health has raised $100 million in Series B funding, bringing its total capital raised to $160 million. The round was led by the Scaleup Europe Fund, managed by EQT, and marks that fund's first investment in the healthcare sector. Existing investors Kinnevik, Northzone, Amino Collective and Visionaries also participated after backing the company's $50 million Series A in 2025.
Funding Details and Investor Backing
The Scaleup Europe Fund is a €5 billion vehicle established to help leading European technology companies remain in Europe rather than move elsewhere. Tandem Health is only the fund's second investment overall and its first in healthcare, following the European Commission's decision to appoint EQT as its manager. The financing follows Tandem's $50 million Series A in 2025 and raises the company's total funding to $160 million.
Pressure on European Health Systems
Tandem Health was founded in 2023 by Lukas Saari, Oliver Astrand and Oscar Boldt-Christmas to address the widening gap between demand and workforce capacity in European healthcare. The World Health Organisation estimates a shortfall of 1.6 million health and social care workers in 2024, potentially rising to 4 million by 2030. Eurostat projections also show the population over 65 approaching 130 million by 2050, with fewer than two working-age adults per retiree.
Regulatory Certifications and Product Scope
The company offers an AI Medical Assistant that supports clinicians before, during and after patient visits through patient summaries, clinical decision support, documentation, coding and task management. Tandem says its AI Scribe, Coding Assistant and Clinical Decision Support are each independently certified as Class IIa medical devices under the EU Medical Device Regulation. Peer-reviewed research indicates that clinicians using Tandem report a 29 percent reduction in time spent on administration, a 30 percent improvement in job satisfaction and a 30 percent reduction in administrative stress.
Expansion Strategy and Clinic Operating System
The new capital will be used to accelerate adoption of AI across European markets and to expand from an AI Medical Assistant into an AI-native Clinic Operating System. Planned capabilities include patient flow management, triaging, scheduling and communications, alongside deeper integrations with the more than 130 medical record systems Tandem already supports. The company has offices in 14 European markets and serves over 10,000 care organisations, including Ramsay Santé, Humanitas and the NHS.
Market Context and Investor Perspective
Tandem competes in a clinical documentation segment that is projected to grow from $1.05 billion in 2026 to 10.5 billion dollars by 2034. The company has around 175 employees, including more than 75 in-house clinicians, and holds certifications such as ISO 27001, ISO 13485 and ISO 42001. Nils Petter Nygaard, managing director at EQT and the Scaleup Europe Fund, said Tandem is one of the few healthcare technology companies demonstrating the ability to scale across Europe.
Tandem Health's $100 million Series B provides new resources to expand its regulatory-grade AI tools and deepen its presence across European health systems. By combining clinical certification, local market knowledge and a growing product portfolio, the company aims to position itself as a trusted AI partner for care providers. The funding signals investor confidence that Europe can develop its own healthcare AI leaders rather than relying on solutions built for other markets.