Earlier this week, tech companies Google and Lenovo announced that they have a major announcement to make regarding Project Tango. On Thursday, it was revealed that Lenovo is launching a new smartphone this summer that integrates 3D technologies developed by Google's Project Tango.

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In a statement acquired by Digital Trends, Lenovo Vice President Jeff Meredith said, "We locked arms with Google to bring out a consumer device based on Tango."

Project Tango is a technology platform developed by search giant Google and it uses computer vision in enabling mobile devices like smartphones and tablets to detect their exact position relative to the world around them without employing the aid of Global Positioning System (GPS) or other external signals.

Lenovo used the technologies developed by Project Tango in creating a smartphone that is designed to bring indoor tracking as well as augmented reality features into a mobile device.

Lenovo has yet to reveal the specifics about the smartphone project aside from its price which should be around $500 and it will feature a 6-inch screen. Chinese tech giant Qualcomm is tasked with creating the chips needed to power the technologies required to properly run Project Tango.

Experts believe that since the project is backed by Google, the device will run on a tweaked version of Android.

Project Tango team member Johnny Lee told Venture Beat, "We can use the room around us to play games, and hide behind the furniture. Project Tango creates a magical window."

The augmented reality market is expected to grow into a $120 billion market come 2020. However, market analysts said that the overall growth of the market hinges on major tech companies like Google, Microsoft and Facebook,

In order to promote Project Tango, Lenovo and Google are planning to release the App Incubator which will reward developers who were able create innovative contents using the technologies from the project. Developers and content creators will have until Feb. 15 to submit their initiatives.

Development kits are already available for developers who are interested to join and further enhance the project. Lenovo and Google stated that apps and contents will play crucial roles in promoting Project Tango.