China's $40 billion health tech sector is attracting more and more billions in investment

From smart diagnosis to digital testing and data-driven medical intelligence, the Chinese health tech sector is buzzing with innovation.

In case you don't know, revenue in the country's digital health market is projected to reach $47 billion in 2022 from less than $10 billion in 2017, according to data from Statista. By 2026, it is expected to surpass $70 billion.

Despite the funding freeze for startups globally, the health tech sector in China is now being backed by American startup investment behemoth Sequoia Capital. Sequoia China's reported $9 billion investment fund which would likely focus on technology and health care startups in the country is coming at a time when tech startups in China are battling a regulatory crackdown on the tech sector, new coronavirus lockdowns, a supply-chain hurdle, and global inflation.

The investment fund is significant as China-focused venture capital and private equity firms raised only $4.3 billion in the first half of 2022, compared to $26 billion in the same period last year, according to data from Preqin.

Moving away from China, other top stories we tracked this week on The Draft include a new $968 million fund from a California-based VC giant that will invest in startups across the US, Europe, Asia, and Latin America; Amazon's search for Software Developers from Lagos who want to move to North America and Europe; and a new $91 million financing boost for a Senegalese fintech startup.

To good health and wealth,

- Juwon