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- Tandem Health
Tandem Health Funding, Investors & Competitors
Tandem Health has raised $160M across 3 funding rounds, most recently a $100M Series B in September 2026.
About Tandem Health
Tandem Health is a developer of AI-powered medical scribe software for clinicians. Automates clinical notes, referrals, and sick notes from consultations via video, phone, or in-person. Supports UK general practitioners with integration to EMIS and SystmOne EHR systems, reducing documentation time by 70 percent.
Founded
2023
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Tandem Health Funding History
Tandem Health has raised a total of $160M across 3 funding rounds.
Tandem Health's first fundraising round was a $10M seed round in June 2024. The most recent completed round was a $100M Series B in September 2026.
Tandem Health funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Sep 2026 | Series B | EQT (lead); Amino Collective; Visionaries Club; Kinnevik; Northzone | $100M | Tandem Health raised $100 million in a Series B on 14 September 2026, led by the Scaleup Europe Fund managed by EQT, with participation from existing investors Amino Collective, Kinnevik, Northzone, and Visionaries Club. The financing was structured as a funding round with convertible preferred stock, and the lead vehicle was described as the EU-backed €5 billion Scaleup Europe Fund; the transaction marked the fund’s first healthcare investment and was presented as backing for Tandem Health’s expansion of its AI clinical assistance platform across Europe. Tandem Health is a Stockholm-based healthtech company focused on AI-powered clinical assistance and workflow support for healthcare providers. The company had previously attracted venture backing from the same investor group, and the Series B was positioned to accelerate product development and broader deployment of its clinical AI offering. |
| Jun 2025 | Series A | Kinnevik (lead); Amino Collective; Visionaries Club; Northzone | $50M | Tandem Health, a Stockholm-based healthtech startup founded in 2023, develops an AI medical co-pilot that reduces administrative workloads for clinicians by providing an ambient scribe that transcribes patient consultations and generates draft medical notes for integration into medical systems. The platform serves tens of thousands of clinicians across over 1,000 hospitals and clinics in Europe, spanning primary care, psychiatry, and specialist care, with a major rollout in the UK via partnership with Accurx reaching over 200,000 NHS professionals. Tandem secured a Series A funding round in late June/July 2025, raising approximately EUR 40 million (EUR 30 million from lead investor Kinnevik, with SEK 333 million equivalent invested), equivalent to about $50 million USD or €42.6 million, from Kinnevik, Northzone, Amino Collective, and Visionaries Club. Kinnevik's EUR 30 million investment highlights their focus on healthcare and AI innovation. The funds will expand Tandem's platform into a full AI-native operating system supporting patient history summarization, medical coding, point-of-care decisions, consultation summaries, and care coordination, while accelerating European growth and NHS integrations including clinical templates, coding improvements, and electronic patient records. This round brings total funding to over $109 million, positioning Tandem against clinician burnout in overburdened European healthcare systems. |
| Jun 2024 | Seed | Northzone (lead); Amino Collective | $10M | Tandem Health develops a clinician copilot leveraging AI to support healthcare practitioners across various tasks, reducing administrative burden and enabling focus on patient care. Founded in August 2023 by Lukas Saari, Oliver Åstrand, and Oscar Boldt-Christmas, the startup targets healthcare specialties in Europe. On June 19, 2024, Tandem Health closed a $9.5 million seed funding round led by Northzone, with participation from Amino Collective and angel operators from OpenAI, DeepMind, and the founder of Capio. Northzone partner Pär-Jörgen Pärson joined the board, highlighting the team's tech and healthcare expertise and rapid AI copilot adoption in healthcare. The funds will accelerate growth to become the leading clinician copilot in Europe, expanding across the continent. Tandem Health's product has shown strong potential, with endorsements from advisors like former Karolinska University Hospital CEO Björn Zoega for its productivity impact across specialties. |
Who has invested in Tandem Health?
5 investors have backed Tandem Health across its funding rounds, including Northzone, Amino Collective, Kinnevik, Visionaries Club and EQT.
Lead investors include EQT, Kinnevik and Northzone.
Tandem Health Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Jun 2024 | ||
| 3 | Lead | Jun 2024 | ||
| 2 | Participant | Jun 2025 | ||
This data is available for Pro users. Sign up to see all 5 Tandem Health investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialTandem Health Competitors
Tandem Health competitors include listed companies like B-Soft Co. and Phreesia, and private ones like Commure, Doctolib, Abridge and Shanghai LinkedCare Information Technology.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $200M | - | $7B | 35.0x | ||
| Private | $400M | - | $6.4B | 16.0x | ||
| Private | $117M | - | $5.3B | 45.3x | ||
| Private | - | - | $1.5B | - | ||
| Publicly listed | $157M | ($37M) | $769M | 4.8x | ||
| Publicly listed | $481M | $27M | $638M | 1.3x |
Tandem Health Public Comps
Tandem Health is still privately-owned, but its public comps include IQVIA, Veeva, IDEXX Laboratories, Roper Technologies, GE HealthCare, ICON plc, Pro Medicus, United Imaging, Glaukos and M3 Inc..
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $16B | $3.4B | 3.6x | 3.4x | 17.2x | 14.8x | |||
| $3.2B | $965M | 11.1x | 10.2x | 36.9x | 22.4x | |||
| $4.3B | $1.5B | 9.5x | 8.9x | 27.1x | 24.9x | |||
| $7.9B | $3.2B | 6.1x | 5.7x | 15.2x | 14.6x | |||
| $21B | $3.7B | 1.8x | 1.8x | 10.1x | 10.0x | |||
| $8.3B | $816M | 1.9x | 1.9x | 19.2x | 11.3x | |||
| $186M | $147M | 66.6x | 62.7x | 84.4x | 77.6x | |||
| $2.1B | $367M | 5.5x | 4.8x | 30.7x | 26.9x | |||
This data is available for Pro users. Sign up to see all Tandem Health competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Tandem Health
| When was Tandem Health founded? | Tandem Health was founded in 2023. |
| Where is Tandem Health headquartered? | Tandem Health is headquartered in Stockholm, Sweden. |
| Is Tandem Health publicly listed? | No, Tandem Health is a private, VC-backed company. |
| How much funding has Tandem Health raised? | Tandem Health has raised $160M across 3 funding rounds. |
| What was Tandem Health's last funding round? | Tandem Health's last funding round was a $100M Series B in September 2026, led by EQT. |
| Who are Tandem Health's investors? | Tandem Health's investors include Amino Collective, Northzone, Visionaries Club, Kinnevik and EQT. |
| Which companies are comparable to Tandem Health? | Companies comparable to Tandem Health include Commure, Doctolib, Abridge, Shanghai LinkedCare Information Technology, B-Soft Co. and Phreesia. |
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