Stockholm-based Tandem Health has secured $100 million in a Series B funding round led by the Scaleup Europe Fund, managed by EQT. This investment marks the fund's first entry into the healthcare sector. Existing investors, including Kinnevik, Northzone, Amino Collective, and the Visionaries Club, also participated in the round.
Tandem Health develops AI-driven clinical documentation tools, including an AI scribe and billing assistant. The company has achieved Class IIa medical device certification under EU regulations for its core functions. Currently, the startup employs approximately 175 people, with over 75 clinicians on staff.
The company plans to expand its AI medical assistant into a comprehensive AI Clinic Operating System that includes patient-flow management. Tandem aims to increase its presence across 14 markets, targeting organizations such as the NHS, Ramsay Santé, and Humanitas. The startup already supports over 10,000 care organizations.
The Scaleup Europe Fund, established with €5 billion, is designed to support European technology firms. Tandem is the second company to receive funding from this initiative, following a $400 million investment in Lovable. EQT manages the fund under a mandate from the European Commission.
