Tandem Health raises a $100m Series B led by the Scale-up Europe Fund, managed by EQT, to accelerate go-to-market in existing countries and expand its team.
Lukas Saari says clinicians are pushing for AI tools that remove documentation work, making adoption bottom up rather than top-down.
Saari argues Europe is more lucrative than the US because Epic and Cerner hold about 70% of the US market while European fragmentation makes vendors more likely to partner.
Tandem Health raises $100M betting Europe beats the US
Tandem Health is betting that European healthcare AI is a better market than the US, and that Europe's fragmentation protects it. Local record vendors are too small to build in-house, so they partner, and clinicians buried in administration pull the product in. The $100M round funds scaling that approach.
Takeaways
Tandem raised $100M to scale across Europe. The Series B is led by the Scale-up Europe Fund, managed by EQT. The money funds go-to-market in existing countries, more team and marketing, and extra product teams. Tandem serves over 10,000 care organisations in 14 countries with about 230 staff.
Europe is more lucrative than the US. The US is more mature and competitive. Epic and Cerner hold about 70% of US records, while Europe's top 15 vendors hold under 70%, so subscale European vendors partner rather than build. No US rival has entered, and OpenEvidence closed its European operations.
Fragmentation works as a moat. Saari treats Europe's complexity as a strength, and Johnson cites Revolut and ElevenLabs as precedents. AI makes cross-border integration easier. Health tech has almost no multi-country European scalers, and Saari hopes Tandem shows founders need not go straight to the US.
Tandem is expanding from scribe to assistant. The product summarises patient history before a visit and gives real-time decision support during it, then handles referrals and coding. A planned 24/7 AI receptionist will triage and schedule calls. Tandem splits clinic work into 20 task categories to automate.
Clinicians pull the tools in from below. Clinicians spend 40% of their time on administration, so they push for tools that remove documentation work. Adoption is bottom up rather than top-down. The UK is mature and competitive, while other European markets still need awareness built. Saari stays in key sales.
Stockholm's size forces global ambition early. Saari says founders in a large home market like France stay there longer, leaving the US as the only sensible next step. Tandem hired three country directors in parallel when expanding. Peers like Legora, a similar company for legal work, act as sparring partners.
Four levels of clinic task automation
Level zero. Tandem does not handle the task.
Level one. Tandem drafts the work and the clinician acts on it manually.
Level two. The clinician approves a draft, and the rest is handled automatically.
Level three. The task runs without the clinician in the loop.
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