Shield TV is an Android TV-based device designed to plug into a TV to deliver content, apps and games.
As most large-screen TVs now come with their own built-in smarts, devices like the Shield TV need to offer something extra.
In Nvidia's case, that's support for GameStream technology to allow GeForce-powered games running on a local PC to be displayed on the TV in 4K HDR at up to 60fps.
The 4K HDR is also a feature on the entertainment side, with apps for Stan, Amazon Video, Netflix and YouTube in 4K.
Other video services available via apps on the Shield TV include tenplay and 7 Plus, while the inclusion of Google Cast technology allows content from apps such as iView and 9 Now to be directed from a phone or tablet to a TV.
"The past five years have seen Australian's viewing habits change dramatically," said Nvidia ANZ head of consumer products division Greg Arthurton.
"The stars have aligned with the rise of on-demand television, growing 4K TV adoption, and an increase in 4K content from app providers, making it the right time to bring Shield to market."
Shield TV prices will start at $249 with the remote controller, which is comparable to the US price (US$179). A more expensive bundle will include a game controller as well as a remote.
Optional accessories include additional controllers and a vertical stand.
It will be sold through Nvidia's Shield website, several well-known PC retailers, including Centrecom and Scorptec, and some EB Games stores.
"Shield TV combines upgraded performance, 4K HDR entertainment and GeForce GTX gaming to deliver an incredible streaming media device," said Nvidia Shield general manager Ali Kani.
"We received countless inquiries from the Australian market dating back to when Shield first launched, and we can't wait to meet the demands of our most passionate fans."