July 28, Tuesday-Nokia has announced its newest product, Ozo, in a high-profile event in Los Angeles, California. The new device signifies the beginning of the company's relaunch and foray to the field of virtual reality. Ozo is a virtual reality camera, which lets people watch 360 degrees of animated scenes or films, according to a report on Los Angeles Times.

The new device is being marketed as the first of its kind, a camera made specifically for virtual reality filming. Ozo is likely to have its competition in GoPro and wearable VR devices like Google Glass and Facebook's Oculus.

The new product is a sphere with eight cameras and eight microphones. A rectangular protrusion contains the battery and memory of the VR gadget. It also has a software that allows viewing of the films.

A previous report has earlier clued Nokia supporters in on the virtual reality device. Nokia Technologies, the company's hardware manufacturing arm, has developed Ozo, which is expected to be sold late this year.

"We believe we can make this an incredible, successful adventure for all of us ... to bring amazing stories to life," Ramzi Haidamus, president of Nokia Technologies, said in the event attended by prominent personalities.

Virtual reality film and editing startup Jaunt is partnering with the Finnish tech company, being the first to integrate the new technology.

Haidamus became Nokia Technologies' president last year, when many other technologies are being tested and developed by the company arm. He has chosen to focus on the virtual reality field, saying he will focus on areas where Nokia Technologies is doing well.

Nokia is making a comeback as a tech firm, after a string of unsuccessful sales in the mobile market. The company's revenues have gone downhill and Microsoft has acquired a suffering Nokia last year. The software giant has written off most of the deal, from which it has gotten losses.