Kinnevik leads Tandem Health's EUR 40m funding round

Founded in 2023, Swedish-based Tandem has built the leading medical AI co-pilot in Europe, designed to reduce administrative workloads for healthcare providers. Their ambient scribe listens to the patient consultation, transcribes it, and automatically generates a draft medical note that can be seamlessly integrated in the clinician’s medical system of record. 

The problem is evident – rising healthcare costs, shortages of clinicians, and an aging population are putting a strain on resources globally. As clinicians today spend an estimated 40% of their time on admin, the potential for greater efficiency has become apparent. By significantly reducing admin burden, Tandem allows physicians to focus on what they do best – delivering high-quality care in a more personal and focused manner.

Across Europe, tens of thousands of clinicians at over 1,000 hospitals and clinics across primary care, psychiatry, and specialist care rely on Tandem’s AI assistant daily. And in the UK, through a partnership with Accurx, over 200,000 NHS professionals now have access to Tandem’s technology – one of the largest AI rollouts in healthcare globally.

Kinnevik led the round with a EUR 30m investment alongside Northzone, Amino Collective, and Visionaries Club. The new funding will fuel Tandem’s next phase of growth – expanding the company’s footprint across Europe and building a complete AI-native operating system that supports the full clinical workflow, including:

• Summarizing patient history ahead of consultations and assisting with medical coding
• Supporting decisions at the point of care
• Providing consultation summaries for patients and coordinating future care

Georgi Ganev, Kinnevik’s CEO, commented: 

“At Kinnevik, we’ve spent over a decade investing in healthcare across Europe and the US and few teams have impressed us like Tandem. Their clarity of vision, execution speed, and product intuition are world-class. It is especially exciting for us to partner with a Swedish company that is pioneering the next generation of healthcare infrastructure in Europe. And their timing could not be better, as AI has matured rapidly in recent years and now has the ability to not just improve but fundamentally reinvent clinical workflows. We are proud to join Lucas, Oscar, Oliver and the rest of the Tandem team on this journey.”