Philip Wang, Ted Fu and Wesley Chan will direct the project, the first feature to emerge from the recently launched Matrix.
Sleepwalker follows a young man who tapes his sleepwalking and learns his somnambulatory life is more interesting than his real one.
'Wes, Ted and Phil are very talented and have developed such a great fan-base of young Asian-Americans already, we knew there was something very special about them,' Matrix principal Eric Wang said. 'I was drawn to them as an Asian-American because their stories are universal but also speak to me and my experiences.
Philip Wang of Wong Fu said of the partnership with Matrix: 'We are excited to be presented with the opportunity to move our work to the next level. We're very proud of what we've accomplished thus far and look forward to bringing our brand of entertainment to a wider audience.'