Asus has become the latest company to jump into the increasingly crowded wearable technology market, with the unveiling of its ZenWatch.

Earlier this year Google announced its wearable-technology platform, called Android Wear. LG and Motorola came on first, but it was only a matter of time until other companies joined. Apple also is rumored to be working on some sort of smartwatch.

But the Asus ZenWatch is expected to come with a price tag that is almost guaranteed to undercut competitors, according to a report from NDTV. Asus CEO Jerry Shen said earlier this week that the ZenWatch will retail for less than $200.

The ZenWatch is set for an October release. If the device is launched at a price point below $200, it would become the most affordable Android Wear smartwatch on the market. The Samsung Gear Live retails for $199 and the sells for LG G Watch $229.

Mashable reports that Asus put a priority on design of the ZenWatch, with its curved glass face and leather band. It looks much more like a luxury watch than other smartwatches that have been released recently.

The ZenWatch runs Android 4.3 or higher and it lets wearers see incoming calls, notifications, messages and other information. The device also features what Asus is calling a remote camera, which puts the camera's viewfinder on the watch, allowing for photos taken from interesting angles.

Users must have an Android-powered phone in order to use the ZenWatch and if it's an Asus phone, the ZenWatch will be able to use the Asus-specific ZenUI apps.

The smartwatch also comes with a long list of health features, including a bio sensor that measures relaxation levels. The device also measures steps taken, calories burned, heart rate and exercise intensity. Health features have become an almost mandatory feature in the smartwatch market.