Stockholm-based clinical AI startup Tandem Health has raised a $100 million Series B led by the EU-backed Scaleup Europe Fund managed by EQT, capital it will use to push its AI medical scribe into a full AI-native operating system for European clinics.
A $100M Round At The Top End Of Series B
The round, announced September 14, 2026, is unusually large for a Series B and brings Tandem's total funding to about $160 million after a $50 million Series A in 2025. Existing investors Kinnevik, Northzone, Amino Collective and Visionaries Club followed on. Tandem did not disclose a valuation. The Scaleup Europe Fund — a €5 billion vehicle whose founding backers include the European Commission, Novo Holdings, CriteriaCaixa and Santander — has now made its first healthtech investment after prior bets on French AI company Mistral and Finnish satellite operator Iceye.
From AI Scribe To Clinic Operating System
Tandem's LLM-powered co-pilot generates clinical notes, referrals, sick notes and visit summaries from patient consultations, transfers documentation to more than 100 European EHR systems, and surfaces relevant ICD-10, SNOMED CT and KVÅ codes for review. Its AI Scribe, Coding Assistant and Clinical Decision Support are all CE-marked as Class IIa medical devices under EU MDR. Peer-reviewed research cited by the company reports a 29% reduction in admin time, a 30% improvement in job satisfaction and a 30% cut in administrative stress for clinicians using Tandem. Chief executive Lukas Saari said the funding will expand it into an "AI-native clinic operating system" that also manages patient flows and enables agents to complete additional clinical tasks.
10,000 Care Organisations, 14 Markets
Tandem now employs around 170 people, is used by more than 10,000 care organisations, and lists local operations in the UK, Germany, France, Spain, Italy, the Netherlands, Sweden, Finland, Norway, Denmark, Belgium, Portugal, Estonia and Lithuania. The UK — where NHS clinicians use it — is its largest market by user count. "Europe should be setting the standard for how AI enters healthcare, not adopting someone else's," Saari said in a statement.
Europe's Healthcare AI Champion Vs. US Rivals
The financing sits in the same week as Inspiren's $70M Series C for physical AI in senior living and Graph AI's $13.3M Series A for AI-native patient safety, part of a broader European push to build regulated clinical AI stacks that meet EU MDR before US-only players like Abridge and Ambience Healthcare cross the Atlantic. Tandem's Class IIa certifications and integration surface are the moat it now has to defend as agentic clinical software rolls out.
Reporting based on coverage from Tech.eu, Unite.AI, TFN and Tandem Health's own announcement.