€5bn EU venture fund backs AI medical assistant Tandem Health

A €5bn (£4.3bn) EU fund which invests in some of the continent's most promising scale-up technology companies is leading a $100m (£73.9m) funding round for Tandem Health, an AI medical assistant which has built a presence at the epicentre of Britain's private healthcare industry.

Sky News has learnt that Swedish-based Tandem Health will announce on Monday that it has finalised a Series B fundraising led by the Scaleup Europe Fund, which is managed by the Stockholm-based private equity behemoth EQT.

Tandem Health was launched with the aim of reducing the administrative burden associated with clinical healthcare by using AI to generate notes while medical experts speak to patients.

In the UK, the company has a partnership with Accurx which has given hundreds of thousands of NHS practitioners access to Tandem Health's technology.

The Series B funding round represents the Scaleup Europe Fund's inaugural investment in AI healthcare, having backed companies such as the space intelligence company Iceye and Mistral, the French AI company which has become one of the most hottest in the world outside the US.

Tandem Health cites evidence showing that clinicians using its products report a 29% reduction in the amount of time they spend on administrative tasks.

Its AI medical assistant prepares patient summaries prior to appointments, provides clinical decision support during consultations and automatically handles the documentation and coding which follows.

The company's new funding, the first it has raised since a $50m Series A round last year, includes backing from investors including venture funds Kinnevik, Northzone, Amino Collective and Visionaries.

Tandem Health says it is used by 10,000 care organisations across 14 European countries.

Its new capital will be used to accelerate the company's growth among Europe's leading care providers, while it also plans to expand from its focus on an AI Medical Assistant to an AI-native clinic operating system which can also manage patient flows and handle additional clinical tasks.

"Europe's health systems are under real strain and AI presents a real solution," said Lukas Saari, CEO and co-founder of Tandem Health.

"Until now, European care providers have had to depend either on legacy solutions or AI solutions originally built for other markets that were retrofitted for Europe.

"Europe should be setting the standard for how AI enters healthcare, not adopting someone else's.

"This funding lets us do that, bringing healthcare safely into the AI era, working in tandem with patients, clinicians, systems and nations."

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The new funding comes during a period of debate about the safe deployment of AI systems by healthcare organisations.

In Britain, that debate has focused most intensely on the US-based tech giant Palantir, which has built a vast data platform for the NHS in a bid to make Britain's public healthcare system more efficient.

The World Health Organisation estimates that a shortfall in health and social care workers will soar to four million by 2030.

Projections also show, meanwhile, that the number of Europeans over 65 will rise to around 130 million by 2050, which will add to the strain on the continent's healthcare infrastructure.

"European healthcare is complex," said Nils Petter Nygaard, managing director at EQT and Scaleup Europe Fund.

"Tandem is one of the few healthcare technology companies to demonstrate that it can scale pan-European, already supporting more than 10,000 care organisations with AI that reduces administrative burden and frees up time for higher-impact work.

"We believe Tandem has the potential to become a foundational AI layer for European healthcare over the coming decades."

(c) Sky News 2026: €5bn EU venture fund backs AI medical assistant Tandem Health