"We're thrilled to introduce OZO to the content creation world, and to define a completely new category of virtual reality capture and playback solutions," Ramzi Haidamus, president of Nokia Technologies, said in a statement.
The ball-shaped gadget captures 3D footage for content creation for devices such as the increasingly popular headsets that let users immerse themselves in virtual games.
Nokia was the world's top mobile phone maker between 1998 and 2011 but, after failing to respond to the rapid rise of smartphones, the Finnish company sold its handset unit to Microsoft in 2014.
Now Nokia Technologies, the company's advanced technology and licensing business, is eying a comeback to devices with its new camera.
But in mid-July the company announced it was looking at reentering the mobile phone market by striking a licensing deal with another firm by the end of 2016.
Nokia said the OZO camera has eight synchronised sensors and will capture spatial audio through eight integrated microphones.
The device is being developed at the company's facilities in Tampere, Finland. Nokia said the camera will be manufactured in Finland, without specifying where.
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