Tandem Health scores $100M Series B, led by EU’s €5bn tech startup fund

Swedish healthtech startup Tandem Health has secured $100 million in a Series B funding round. The investment was led by the EU-backed Scaleup Europe Fund, with additional participation from existing investors Kinnevik, Northzone, Amino Collective, and Visionaries. This brings Tandem's total funding to $160 million, following a $50 million Series A round in 2025. The company did not disclose its valuation.

Powered by large language models, Tandem provides clinicians with an AI co-pilot that generates medical notes during patient consultations. The tool has expanded from note-taking to a full medical assistant handling referral notes and pre- and post-visit patient communications. The company reports that its software is used by 10,000 care organizations across 14 European markets, with the UK serving as its largest market due to adoption by NHS clinicians. Peer-reviewed research shows that users experience a 29 percent reduction in administrative time, a 30 percent improvement in job satisfaction, and a 30 percent decrease in administrative stress.

The startup will use the new capital to fund European expansion, grow its customer base, and develop an AI-native clinic operating system that manages patient flows and executes additional clinical tasks. Tandem currently employs about 170 people.

The investment is notable as the first healthtech venture for the Scaleup Europe Fund, a five billion euro fund backed by the European Commission and private entities to strengthen Europe's tech sector against global competition.