It allows users to capture audio and video in 360 degrees.
The OZO camera features eight synchronised shutter sensors and eight microphones that produce stereoscopic three-dimensional video. It allows users to capture audio and video in 360 degrees.
Nokia said special software for the camera will allow people to view three-dimensional content in real time without the need of pre-assembling a panoramic image.
The OZO camera integrates into the current professional workflows and works with third-party tools, simplifying content production at every stage.
Nokia Technologies president Ramzi Haidamus: "OZO aims to advance the next wave of innovation in VR by putting powerful tools in the hands of professionals who will create amazing experiences for people around the world.
"We expect that virtual reality experiences will soon radically enhance the way people communicate and connect to stories, entertainment, world events and each other."
Nokia will carry out final testing and refinements to OZO in partnership with industry professionals, ahead of the product’s commercial release.
The company will unveil final pricing and full technical specifications later this year, with shipments expected in fourth quarter.
Palo Alto-based VR production firm Jaunt has agreed to support OZO to create content.