(Yicai Global) Sept. 30 -- A joint venture between Chinese artificial intelligence unicorn Horizon Robotics and German auto parts giant Continental will be located in Shanghai and focus on providing solutions for advanced assisted driving and self-driving hardware and software.

Based in suburban Jiading district, Shanghai’s auto industry hub, the JV is expected to employ nearly 200 people, Beijing-based Horizon Robotics said on its official WeChat account yesterday, without disclosing financial details. Continental will be the new firm’s controlling shareholder.

Horizon Robotics’ chips and algorithms will be integrated into Continental’s range of smart cameras and self-driving products to serve vehicle manufacturers in China and around the world. A number of Chinese carmakers have already expressed an interest in collaborating on mass production, according to Horizon Robotics.

Founded in 2015, Horizon Robotics focuses on developing Edge AI chips, primarily for the smart driving and smart Internet of Things sectors. The firm closed its Series C fundraising in June, securing USD1.5 billion, with a post-investment valuation of USD5 billion, according to PEdaily.

Horizon Robotics inked a memorandum of understanding on the partnership with Continental last year, declaring in April that the two parties would establish a JV.

Hanover, Germany-based Continental, with a history of 150 years, is the world’s leading auto parts supplier. It now has a total of more than 193,000 employees and its sales tallied EUR37.7 billion (USD43.7 billion) last year.

Editor: Peter Thomas