Tandem Health raises $100M Series B led by the EU’s €5bn scaleup fund
The EU's €5bn Scaleup Europe Fund makes its first healthtech bet: $100M into Stockholm's Tandem Health, the AI medical assistant already used by 10,000 care organisations across 14 European markets.
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Founded 2023 · Stockholm, Sweden
Stockholm’s Tandem Health has raised a $100M Series B led by the Scaleup Europe Fund, the EU-backed €5bn vehicle managed by EQT, with Kinnevik, Northzone, Amino Collective and Visionaries Club all returning – the fund’s first healthtech deal.
The round was announced on 14 September 2026 and takes the three-year-old company past $160M raised in total. For a European clinical AI startup, the cap table now reads like a policy statement: it is anchored by the European Commission’s flagship scaleup vehicle, with the seed and Series A backers who have been there since the first medical note was transcribed.
A $100M cheque with Brussels behind it
The Scaleup Europe Fund is the €5bn growth fund managed by EQT and backed by the European Commission alongside Novo Holdings, CriteriaCaixa and Santander. It exists for one job: keeping Europe’s breakout technology companies scaling – and domiciled – in Europe. Tandem is its first healthtech investment, and its second appearance in our records inside a week, after it co-led The Exploration Company’s $450M Series C.
The rest of the syndicate is returning money. Kinnevik, which led the company’s $50M Series A in June 2025, is back, alongside Northzone, Amino Collective and Visionaries Club. The only new name on the register is the lead itself.
The money goes to European expansion and a wider product claim: from the AI medical assistant clinicians use today to what the company calls an AI-native clinic operating system, managing patient flows and a growing set of clinical tasks. “Europe’s health systems are under real strain, and AI presents a real solution,” said co-founder and CEO Lukas Saari in the announcement. “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. We started Tandem to provide an alternative.”
From note-taker to clinic operating system
Founded in 2023 by Lukas Saari, Oliver Åstrand and Oscar Boldt-Christmas, Tandem Health started where most clinical AI starts: an ambient scribe that listens to the consultation and writes the medical note. It has since added coding assistance and clinical decision support, each independently certified as a Class IIa medical device under EU regulation. That is a slower road than shipping a copilot, and a moat once you have walked it.
The traction is unusually concrete for a company this young. More than 10,000 care organisations across 14 European markets use the product, including Ramsay Santé, Humanitas and NHS organisations. The team is around 175 people, and more than 75 of them are in-house clinicians. The company’s own research says clinicians using Tandem report a 29% reduction in time spent on admin and a 30% drop in administrative stress – self-reported figures, but exactly the kind health systems ask for before they sign.
An ambient scribe market compounding at 23.9%
The segment Tandem sells into is small and growing very fast. The global ambient AI scribe market was worth $1.75bn in 2025 and is projected to reach $13.8bn by 2034, a 23.9% CAGR (Growth Market Reports, June 2026). Europe is the second-largest region at roughly $0.42bn in 2025, compounding at around 22.5% over the same period, per the same report.
That growth is pulling serious capital on both sides of the Atlantic. Abridge, the American category leader, has raised $780M at a $5.3bn valuation; Paris-based Nabla and Australia’s Heidi Health are selling into the same clinics. Closer to home, our own records show the healthtech run continuing: Implicity’s €35M round for AI cardiac monitoring closed last week, and Hope Care’s €6M Series A for remote patient monitoring the week before that. At $100M, Tandem is now the best-funded European player in the scribe-to-operating-system race.
Sovereignty capital finds its clinical use case
What we are seeing is two European stories converging. The first is a healthtech company scaling the way European healthtech rarely manages: pan-European by design, 14 markets in three years, regulated as a medical device from day one. “Tandem is one of the few healthcare technology companies to demonstrate it can scale in a pan-European way,” said EQT managing director Nils Petter Nygaard in the announcement.
The second is the Scaleup Europe Fund doing exactly what it was built for: writing the nine-figure growth cheques that used to require a flight to San Francisco. Space one week, clinical AI the next. The thing to watch is whether the fund keeps picking sectors where Europe’s rules are the advantage – where being certified, compliant and multilingual from the start beats being fast and retrofitted.
Healthcare is the clearest such sector there is. Every round we track lives on the fundraising tracker, Tandem’s profile included. And if the clinic operating system claim is real, the next Tandem headline will not be about money. It will be about which legacy system loses a country. Watch this one.
