EU Scaleup Fund leads $100m Tandem Health raise

Swedish healthtech startup Tandem Health has secured $100 million in a Series B funding round, spearheaded by the EU-backed €5 billion Scaleup Europe Fund. This substantial round of investment follows Tandem's $50 million Series A funding round in 2025, bringing the company's total funding to $160 million. The Scaleup Europe Fund's investment comes shortly after backing French AI startup Mistral and Finnish satellite startup Iceye.

Tandem Health's AI co-pilot generates medical notes during patient consultations, with the platform now assisting clinicians in various administrative tasks, including referral notes and patient communications. The AI co-pilot has been adopted by 10,000 care organizations across 14 European markets. The startup's co-pilot has been shown to reduce admin time by 29%, improve job satisfaction by 30%, and cut administrative stress by 30% for clinicians.

With this new funding, Tandem Health plans to expand its presence in Europe, grow its customer base, and develop a more comprehensive AI-native clinic operating system. The funding will be utilized for these expansion efforts and the development of additional clinical task-solving agents. Tandem Health currently employs around 170 people and primarily focuses on the European market, with the UK being its largest market in terms of user numbers.

Tandem Health's CEO and co-founder, Lukas Saari, expressed excitement about the funding, stating that the European Union should set the standard for AI integration in healthcare. The company aims to bring healthcare safely into the AI era, working in tandem with patients, clinicians, systems, and nations. The Scaleup Europe Fund, designed to bolster investment in Europe's tech sector, marks its first investment in the healthtech industry.

The European Commission, alongside private companies including Novo Holdings, CriteriaCaixa, and Santander, are among the fund's investors.