The company partners with a number of Chinese tech outfits but will retain majority ownership and control of the new JV.
On Tuesday, Unity announced it has entered into an agreement with multiple partners to form a new joint venture in China. The partners in the new JV named Unity China include Alibaba Group, China Mobile, G-Bits, miHoYo, PCI, Oppo, and Bytedance's Douyin (the Chinese version of TikTok).
According to Unity, the partners will invest at a post-money valuation for Unity China of $1 billion and will help the company access new industries as well as provide marketing support for its products and services. Meanwhile, Unity will retain majority ownership and control of the Chinese joint venture.
Unity China will operate within the Greater China region solely and will be overseen by a board of directors commprised of Unity executives and major investors.
The company said that the joint venture will soon start building customized local versions of Unity core products for game developers and will become the exclusive local distributor of the company's products and services in the country.
According to President and CEO of Unity China Zhang Junbo, the company is also looking to expand its offices in Shanghai, Beijing, and Guangzhou adding over 1,000 engineers in the next few years.
Unity entered the Chinese market in 2012 powering many of the country's most popular games such as Tencent's Honor of Kings and miHoYo's Genshin Impact through its game engine software.
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