Nokia is alive and well after selling its mobile business to Microsoft. It is now almost ready to fully reveal a new product called Ozo.

But what is Ozo? At the moment all Nokia is giving away is a launch webpage with a countdown timer, some glimpses of the product and an announcement that it's a VR camera.

While we will have to wait until 4 August for the full official reveal there is plenty of detail in Nokia's announcement and teaser website.

So what is Nokia Ozo and what can we expect from it?

Ozo is a sleek looking black globe that is going to be packing eight synchronised global shutter sensors and eight integrated microphones for virtual reality video recording. Looked at from the front, it reminds us of the floating bot from Star Wars.

While the Ozo likely won't float it should be able to capture some all encompassing video and images thanks to the multiple lenses and microphones.

At the moment VR is still in the developmental stages with the likes of Oculus Rift, Sony Morpheus and others not really ready to take a place in every home. One of the issues here is content. A number of 3D VR cameras have started to appear and now Nokia is ready to bring out one of its own.

The camera will work as most other VR cameras work. This means a selection of high definition video camera lenses angling out from a central point. They should be wide-angle enough to capture the entire 360-degree view around that centre point.

This is where smart software comes in. This needs to stitch together the videos to create one feed. This can then be viewed from a VR headset, like Oculus Rift, allowing the users to look about as the video plays around them.

In this case Ozo will offer a live feed mode at lower quality which can be viewed directly. There will also be a higher quality mode which takes longer for software to stitch together.

Nokia has said about the software: "OZO also integrates into existing professional workflows and works with third-party tools, dramatically simplifying content production at all stages."

The Ozo camera will be aimed at the very high end. As mentioned previously it comes equipped with eight microphones for high quality 3D sounds as well as those eight camera sensors for stereoscopic visuals.

The Ozo was shown off in LA at an event for the major studios and movie production houses. This is clearly aimed at pushing the next generation of movie filming.

So, don't expect to lay your hands on one anytime soon unless you've got plenty of spare cash lying around.

Jaunt, which is the leading developer of the hardware, software, tools, and applications to enable the creation of cinematic VR, has also said it will work with Nokia. Despite making its own hardware it looks like it's backing Nokia's Ozo.

Check back on Tuesday 4 August to hear more. Nokia says the Ozo will begin shipping towards the end of this year.

READ: Project Morpheus vs Oculus Rift: Which VR experience won E3 2015?