IZ is manufactured by US toy company Zizzle, which was founded by Roger Shiffman, creator of the Furby toy.
Described as a 'futuristic, musical Furby', IZ will launch worldwide next month. Only 60,000 units will be on sale in the UK in the pre-Christmas period, priced £29.99.
Users can mix beats through the toy, which can also play songs from an MP3 player. The IZ is being aimed at four- to nine-year-olds, although Vivid expects it to have broader appeal.
The company has already secured distribution through most major toy chains and will be backing it with a six-figure marketing drive that will include TV activity.
Emma Sherski, Vivid Imaginations marketing director, said the campaign would focus on music and be tightly targeted because of the low number of units that would be going on sale.
'No more will be made before Christmas so we want to create the buzz around it and then keep that going through next year,' she said.
The toy is the latest in a line of pre-Christmas launches for Vivid, which has just released Amazing Amanda, a technologically-advanced doll (Marketing, 3 August).