Software company Symbio and auto parts maker Denso plan to build a joint innovation centre in Finland at Symbio's premises in Espoo.

A letter of intent was signed recently and activities will start this year.

The centre is intended to combine Denso's automotive technology know-how with Symbio's knowledge of consumer products under one roof.

Using so called 'design thinking' methodology, the pair will come up with new concepts and products for Denso customers. Employees from both companies will work in the centre with Symbio hiring concept designers and software architects. Through rapid prototyping, the partners aim to develop profitable products quickly for the emerging automotive mobility industry.

"The automotive industry is facing major disruption. Electric cars, self-driving vehicles and new digital services for driving and maintenance are changing both the intelligence in the car and its components," said Symbio chief executive Arto Kuusinen.

"We are now exploring beyond the vehicle shell to create new value for the future new mobility society and users," said Denso executive director Kazuoki Matsugatani.

"The centre is in the heart of developing new revenue streams," added Kuusinen.