Tandem Health Raises $100 Million to Build an AI Operating System for Clinics

Tandem Health, a Stockholm-based healthtech company, has raised $100 million ($86.49 million reported in euros) in a Series B round led by the Scaleup Europe Fund, managed by EQT, with existing investors Kinnevik, Northzone, Amino Collective, and Visionaries also participating. The round marks the Scaleup Europe Fund's first healthcare AI investment.

Founded roughly three years ago, Tandem builds an AI assistant for clinical work that prepares patient summaries ahead of appointments, supports clinical decisions during consultations, and handles documentation, coding, and task management afterward. The Series B follows a $50 million Series A in 2025, bringing the company's total funding to $160 million. Tandem's product is now used by more than 10,000 care organizations, including Ramsay Sante, Humanitas, and the NHS, across offices in 14 European markets, and integrates with more than 130 medical record systems.

A fund built specifically to scale European deep tech

The Scaleup Europe Fund is a multi-billion-euro vehicle set up by the European Commission and managed by EQT, targeting €5 billion and combining public and private capital specifically to help European deep tech, AI, and life sciences companies scale without needing to raise from US investors or relocate. Tandem being the fund's first healthcare AI deal signals the fund is actively deploying beyond its initial thesis-setting investments, a meaningful data point for other European healthtech founders watching which funds are genuinely active versus still building their portfolio strategy.

Public and private capital in the same round

The Scaleup Europe Fund's structure, blending public capital from the European Commission with private investment, is itself a notable model founders should watch develop. It gives portfolio companies a backer with policy-level credibility across European healthcare systems, useful when selling into public health organizations like the NHS, alongside the commercial discipline a private fund manager like EQT brings to the table. That combination is relatively rare in venture funding and may prove especially useful for regulated categories like healthcare, where public-sector relationships and procurement credibility can matter as much as product quality.

What this means for founders

Tandem's expansion into 14 European markets and integration with 130-plus medical record systems represents years of unglamorous, market-by-market integration work that doesn't show up in a funding headline but is exactly what convinced a fund built around continental scale-up potential to lead its round. For founders building in fragmented, regulation-heavy markets like European healthcare, that kind of deep, multi-market integration work is often the real moat, more defensible than a faster-growing but shallower single-market product.

European healthtech and deep tech investors can be found on the investor directory, and the free investor matching toolscores fit for regulation-heavy, multi-market businesses specifically. Background on how funding stages compound is in the glossary entry on series-a progression. Currently live raises are on the live listings page, and broader European funding activity is tracked on the newsroom.

Find investors who are actively deploying by creating your pitch listing on AngelLinx @ angellinx.ai/register.

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