Tandem Health Raises $100M to Build an AI Clinic Operating System

Stockholm-based healthtech startup Tandem Health has raised $100 million in Series B funding to expand its AI-powered clinical platform and develop what it calls an AI Clinic Operating System for European healthcare providers.

The round was led by EQT's Scaleup Europe Fund, with existing investors Kinnevik, Northzone, Amino Collective, and Visionaries Club also participating. The funding brings Tandem Health's total capital raised to $160 million.

The investment is the Scaleup Europe Fund's first investment in healthcare, following EQT's appointment to manage the €5 billion fund established to support Europe's leading technology companies.

From AI scribe to clinic operating system

Founded in 2023 by Lukas Saari, Oliver Åstrand, and Oscar Boldt-Christmas, Tandem Health initially focused on reducing the administrative workload faced by clinicians.

Its AI assistant listens to consultations and prepares clinical documentation, while also supporting medical coding and clinical decision-making.

The company now wants to expand beyond documentation and build a broader AI Clinic Operating System that combines its existing scribe and coding capabilities with patient-flow management.

The ambition is to create an integrated AI layer that can help healthcare organisations manage both clinical administration and operational workflows.

10,000 care organisations across Europe

Tandem says its AI scribe is already being used by 10,000 care organisations across 14 European countries.

The company has approximately 175 employees, including more than 75 clinicians, reflecting its focus on combining healthcare expertise with AI development.

Its customers and market expansion include organisations such as Ramsay Santé, Humanitas, and the NHS.

Tandem's approach is particularly focused on adapting its technology to Europe's fragmented healthcare systems, where reimbursement structures, regulations, and clinical workflows vary significantly between countries.

Building for Europe's regulated healthcare market

Tandem has sought to differentiate itself through regulatory compliance.

Its AI scribe, coding assistant, and clinical decision-support tools have received Class IIa medical device certification under the EU Medical Device Regulation.

That certification creates additional development and compliance requirements compared with many general-purpose AI tools, but Tandem believes it can also provide a stronger foundation for adoption by European healthcare providers.

The company competes with AI documentation startups such as Nabla and Heidi Health, while US-based Abridge has emerged as one of the largest-funded companies in the category.

However, Tandem's strategy is specifically focused on Europe's healthcare environment rather than adapting a US-first product to European requirements.

Backed by a major European growth fund

Nils Petter Nygaard, managing director of EQT and the Scaleup Europe Fund, said Tandem has demonstrated an ability to scale across Europe while reducing administrative workloads for clinicians.

The funding will allow Tandem to continue developing its platform, expand across its existing markets, and move deeper into operational workflows.

Europe is facing significant healthcare workforce pressure, with the World Health Organization anticipating a shortage of 1.6 million health and social care workers in 2026, potentially rising to 4 million by 2030.

For Tandem, that creates a large opportunity for AI systems capable of reducing administrative work and improving how healthcare organisations operate.

The next challenge will be moving from an AI assistant that helps clinicians document care to a broader system capable of influencing patient flow and clinic operations - while maintaining the trust and regulatory compliance required by European healthcare providers.