The China arm of Sequoia Capital, one of the top technology industry investors in the country, expects up to 30 Chinese entrepreneurs to join this year's edition of its accelerator programme, as the venture capital firm continues to bet big on local start-ups amid Washington's potential new investment restrictions.

Beijing-based Sequoia Capital China said those selected to take part in its accelerator programme, named Yue, would each have the opportunity to obtain "no less than US$1 million in seed funding", according to a company spokesman on Tuesday.

There are 744 people who have registered to participate in the programme, which will run from May 12 to June 24, the company said in an earlier statement on the same day.

This year's programme will offer a special module focused on artificial intelligence-generated content (AIGC) amid high interest on the mainland in ChatGPT. Silicon Valley-based Sequoia Capital is an investor in San Francisco start-up OpenAI, which developed the viral AI chatbot.

The special module is expected to bring "exclusive perception" and "constructive inspiration" to entrepreneurs who are interested in "making a big splash in the AIGC field", according to the Sequoia Capital China statement.

The company's accelerator programme reflects its continued confidence in supporting early-stage firms on the mainland, as more Chinese tech companies push into the AI chatbot field where ChatGPT has become the model for innovation.

A slew of Chinese tech firms and universities have announced plans to develop or apply ChatGPT-inspired services to create the country's answer to the popular AI chatbot. These include major companies like Tencent Holdings, Baidu and Alibaba Group Holding.

Alibaba, owner of the South China Morning Post, was among the most high-profile bets made by Sequoia Capital on the mainland. Its other successful investees include JD.com, TikTok owner ByteDance and Shein.

Sequoia Capital China's operations on the mainland, however, face scrutiny amid plans by the Biden administration to restrict investments into the country. This has led Sequoia in California to start screening the investments being made by its China arm for potential security risks to the US, according to a report last week by The Wall Street Journal.

Washington has put Sequoia Capital China under a microscope after it raised a record US$8.5 billion last year, including from large US institutional investors, according to the report.

The inaugural run last year of Sequoia Capital China's accelerator programme attracted more than 50,000 entrepreneurs, with 12 companies receiving investment.

Meanwhile, Sequoia Capital China founder and managing partner Neil Shen Nanpeng has retired from his delegate role in the country's top political advisory body after completing his five-year term on the Chinese People's Political Consultative Conference. Sequoia Capital China did not immediately respond to a request for comment on Tuesday.