The ASUS Memo Pad HD 7 is a very similar device to the Nexus 7 but with the addition of a 5-megapixel camera.
ASUS describes the Memo Pad HD 7 as "a 7-inch tablet that offers incredible value".
It will start at US$129 for the 8GB model and US$149 for the 16GB model and this pricing will make it one of the cheapest Android tablets on the market.
The Memo Pad HD 7 looks very similar to the Nexus 7. The addition of four color variants — black, white, pink and green — will help it stand out.
At 302g, the Memo Pad HD 7 is 38g lighter than the Nexus 7, even though it's slightly thicker.
The Memo Pad HD 7 has a quad-core Cortex A7 processor, 1GB of RAM and the previously mentioned 8GB or 16GB of internal storage. There's also a microSD card slot to expand the memory.
There's also a 7in IPS screen with a resolution of 1280x800, a front-facing 1.2-megapixel camera for video calls and a 5-megapixel rear-facing camera that also doubles as a 720p HD video recorder.
ASUS says the rear-facing camera is "optional" on some models, but there's been no official word on the specifics of this.
The ASUS Memo Pad HD 7 has a non-removable lithium polymer battery that the company says will last for up to 10 hours of video playback.
The device runs the latest 4.2 'Jelly Bean' version of Google's Android operating system, though ASUS does pre-load a few apps including WebStorage Office for accessing Microsoft Office documents online.
ASUS says the Memo Pad HD 7 will be available from July but there's been no word on an Australian release at this stage.