Sony Semiconductor Solutions Corp. said Tuesday it will begin mass production of next-generation image sensors with Taiwan Semiconductor Manufacturing Co. in 2029, with the two companies investing a combined 747 billion yen ($4.7 billion). Sony's semiconductor unit and TSMC signed a legally binding definitive agreement on the joint venture Tuesday. In May, the semiconductor unit of Sony and TSMC announced they had agreed to cooperate on the development and manufacture of next-generation image sensors. Sony is the world's top image sensor maker by value. "Under the strategic partnership, Sony intends to take a leading role in the development of core image sensor technologies, as well as product planning and product design," the Japanese firm said in a statement.