This Swedish Startup Just Raised $100M to Fix Europe's Healthcare

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Tandem Health, a Stockholm-based HealthTech startup, raises $100M to build an AI-native operating system for European healthcare. The Series B round was led by Scaleup Europe Fund, bringing total funding to $160M.

Tandem Health, a Stockholm-based HealthTech startup, just closed a $100 million Series B round to build an AI-native operating system for European healthcare. The round was led by the Scaleup Europe Fund, managed by EQT, with participation from existing investors Kinnevik, Northzone, Amino Collective, and Visionaries. This brings the company's total funding to $160 million, following a $49 million Series A in June 2025. ### Why Investors Are Betting Big on Tandem Europe's healthcare systems are under immense pressure. Rising costs, clinician shortages, and an aging population have created a perfect storm. Tandem Health believes AI can be part of the solution. "Europe's health systems are under real strain and AI presents a real solution," says Lukas Saari, CEO and co-founder. "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." Tandem aims to change that. Founded in 2023 by Saari, Oscar Boldt-Christmas (CCO), and Oliver Åstrand (CTO), the company is building what it calls the AI-native clinic operating system. Their AI medical assistant supports clinicians before, during, and after patient visits. It prepares patient summaries ahead of appointments, provides clinical decision support during consultations, and automatically handles documentation and coding. ### A Unique Approach to Clinical AI What sets Tandem apart? It's the only AI medical assistant with an AI scribe, coding assistant, and clinical decision support, each independently certified as a Class IIa medical device under the EU Medical Device Regulation. The company also holds certifications including ISO 27001, ISO 13485, ISO 42001, C5 in Germany, ENS High in Spain, and HDS in France. Earlier this year, Tandem acquired Dutch AI medical scribe Juvoly to scale clinician-first AI documentation across Europe. The results speak for themselves: clinicians using Tandem report a 29% reduction in time spent on admin, a 30% improvement in job satisfaction, and a 30% reduction in administrative stress. > "Tandem is one of the few healthcare technology companies to demonstrate it can scale in a pan-European way, already supporting more than 10,000 care organisations with AI that reduces administrative burden and frees up clinicians' time for higher-impact work." – Nils Petter Nygaard, Managing Director at EQT and Scaleup Europe Fund ### What's Next for Tandem Health The Scaleup Europe Fund, targeting €5 billion ($5.4 billion), was initiated by the European Commission and is managed by EQT. It brings together public and private capital to back ambitious European tech companies. Tandem plans to use the new capital to accelerate its position as the AI partner of Europe's leading care providers, expand across markets, and grow its clinician-led team, which already includes over 75 in-house clinicians. With this funding, Tandem Health is poised to become the foundational AI layer for European healthcare. And if they succeed, they might just set the standard for how AI enters healthcare globally.

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