Don't think that is a new bit. I use a Bosch of similar design with good
success. Grizzly also makes a similar bit. You have to look under shaper bits to find them. The three flutes seem to work better than the 2 flute
router bits.
The one I have been using has a 1.5 large diameter, the one I thought was new has a
2 5/8 large diameter.
The grizzly one looks like it is larger and a much better price.