Tandem Health has closed a $100M Series B. The round was led by the Scaleup Europe Fund, a EUR5B EU-backed vehicle that EQT manages, and it marks the fund’s first bet on healthcare.
Four existing backers joined: Kinnevik, Northzone, Amino Collective and the Visionaries Club. They had all supported Tandem’s $50M Series A in 2025, taking total funding to $160M. No valuation was disclosed.
Tandem sells an AI assistant that sits through consultations, drafts notes, suggests billing codes and offers clinical decision support before completing paperwork. Three of those functions, its scribe, coding assistant and decision support tool, hold Class IIa medical device certification under EU rules.
Lukas Saari, chief executive and co-founder, says the company exists because European providers had to choose between aging software and tools built for other markets and adapted after the fact.
The demand case is stark. The World Health Organization expects Europe to be short of 1.6 million health and social care workers this year, a gap that could widen to 4 million by 2030. Eurostat projects that by 2050 fewer than two working-age adults will support each retiree.
Investors are chasing that gap. The clinical documentation slice of generative AI spending is forecast to climb from $1.05B in 2026 to $10.5B by 2034.
