Lin Yuanqing, a former executive with the artificial intelligence division of Chinese search engine Baidu, last month began what can be an onerous task: raising money for a start-up. In his case, though, the only challenge was deciding whose money to turn away.

His company, Aibee Beijing Intelligent Technology, which focused on the application of AI to the business world, attracted more than $25m in a fundraising that valued the start-up at more than $800m, two investors familiar with the matter said. In their view, Aibee’s business plan lacked “clear products”, and the company has just a few staff.

That was no deterrent. The fundraising lured the most prominent companies, including Alibaba, Baidu and Tencent. Sequoia, the US venture capital firm, showed up, as did General Atlantic, a New York-based and highly respected tech investor, even if not everyone ending up investing.