Best strategy to collaborate with another startup (US)

We are a startup from Hong Kong developing software for VR applications. We are a pretty small team. There is another startup based in the US who is working on something that is targeting the same group of customers and we think that our businesses would complement each other. The other company is still very small too, basically just three developers as co-founders. We have been talking about collaborating in product development but we are not sure what the best way to do this would be. If we are right, then what we could be developing together with the other company could be more successful than what we are working on right now. I guess it would be good if we could sort of work together without committing too much of our own company to the collaboration at first. Maybe at a later stage we could just pool both startups into one. I am sure this kind of scenario happens a lot, but we would really like some advice on what the best strategy would be here to proceed. Thanks in advance!