During today's media event, Apple announced a new entry to the iPhone family, the iPhone SE.

The new iPhone will have a 4-inch display and will have an A6 processor, making it as fast as the iPhone 6S. It comes with a 12MP iSight camera, which offers Focus Pixels, True Tone Flash, and support for panorama images of up to 63MP. It's able to capture 4K video and also supports Live Photos.

The phone features additional improved specs, such as faster LTE that supports up to 150Mbps, more LTE bands, and voice over LTE. As far as its Wi-Fi specs, it supports 802.11ac Wi-Fi and Wi-Fi calling.

The iPhone SE will retail for $399 for its 16GB version, while the 64GB version will sell for $499. Pre-orders for the device will begin on March 24, and the phone itself will release on March 31.