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  • Investments
  • 19 June 2024
  • 3 min read
  • Words: Northzone

Our Investment in Tandem Health: Revolutionising Healthcare with an AI-Powered Clinician Copilot

We are excited to announce our investment in Tandem Health’s $9.5 million Seed funding round. We have led this round alongside healthcare VC Amino Collective, the participation of angel operators from OpenAI, DeepMind and the founder of Capio. 

Founded by Lukas Saari, Oliver Åstrand, and Oscar Boldt-Christmas in August 2023, the company is developing a clinician copilot that leverages AI to support healthcare practitioners across various tasks, reducing their administrative burden and enabling them to focus on high-quality patient care.

The healthcare industry is facing significant challenges, with rising costs, an ageing population, and a substantial deficit of clinicians. Currently, 3% of global GDP is spent on administrative tasks in healthcare, and a staggering 9 out of 10 clinicians report being unable to complete their administrative work during regular working hours. While some solutions are emerging in the US market, the European healthcare landscape presents unique obstacles, such as diverse languages, varying clinical methodologies, and a fragmented system of electronic health records. We see a strong market momentum for tools helping healthcare providers to reduce the administrative burden and allow clinicians to spend more time on actually helping their patients. The macro efforts to modernise healthcare systems have moved clinical data online, which makes healthcare data more accessible and interoperable. At the same time, the rapid developments of AI and LLMs allow to solve problems that were previously too complex. 

Tandem Health provides the solution to this staggering problem, with a clinician copilot designed to seamlessly integrate with the complexity of the European healthcare market and clinics. Their AI scribing product enables automated medical note taking, sorting these notes by titles and medical codes and transferring them to the respective electronic health record (EHR) in the correct format with one click. With that, Tandem provides an immediate ROI, by drastically reducing clinicians’ time spent on documentation. 

Already today, Tandem’s customisable system supports different languages and medical contexts, from Swedish to English, and can be easily integrated with different EHRs. And this is just the first step on Tandem’s journey of building a comprehensive clinician co-pilot covering the various steps of the clinician workflow. The company already serves more than 50 healthcare organisations across medical specialties in Sweden.

Pär-Jörgen Pärson, from the team who is also joining the board, shares “We are thrilled to partner with the team and believe they have a unique combination of tech and healthcare expertise, with a deep Europe-wide industry network. Today, clinicians spend a significant amount of time on administrative tasks, and we have rarely seen such rapid tech adoption within the healthcare space as with AI copilots. Tandem is well positioned to become a category-defining player in the European healthtech space, with their clinician AI copilot that has the potential to revolutionise healthcare.”

As the demand for innovative solutions in the healthcare industry continues to grow, we believe that Lukas, Oliver, Oscar, and the entire Tandem Health team is well-positioned to make a significant impact on the lives of clinicians and patients.