Worried that your child is becoming an iPhone addict? You're not alone.

Apple has revealed it is working on new parental controls after two major investors, in an open letter issued over the weekend, expressed concern about the affect of smartphones on children.

The Cupertino tech giant did not immediately respond to PCMag's request for comment about the investors' letter, but told Business Insider new options that make iOS devices safer for kids are on the way.

"Apple has always looked out for kids, and we work hard to create powerful products that inspire, entertain, and educate children while also helping parents protect them online," the company wrote, according to the report. "Of course, we are constantly looking for ways to make our experiences better. We have new features and enhancements planned for the future, to add functionality and make these tools even more robust."

Apple did not go into detail about the new features it's planning, or say when it plans to launch them.

"We think deeply about how our products are used and the impact they have on users and the people around them," Apple reportedly wrote. "We take this responsibility very seriously and we are committed to meeting and exceeding our customers' expectations, especially when it comes to protecting kids."

The response comes after investors Jana Partners and the California State Teachers' Retirement System (CalSTRS), who collectively own approximately $2 billion in Apple shares, sent an open letter to Apple on Saturday, pressing the company to offer more flexible parental controls, and make them easier for parents to use.

"We believe there is a clear need for Apple to offer parents more choices and tools to help them ensure that young consumers are using your products in an optimal manner," Jana Partners and CalSTRS wrote. The organizations cited statistics from the nonprofit Common Sense Media revealing that 78 percent of teens check their phones at least once an hour and 50 percent feel "addicted" to their phone.

In its statement to Business Insider, Apple pointed out that today's iOS devices already give parents that ability to control and restrict the apps, movies, websites, songs, books, cellular data, password settings, and other features on their kids' iOS devices. The company also curates its content platforms to ensure they are "free of offensive material, such as pornography, and clearly labeled so parents can determine if an app, movie or song is age-appropriate," Apple wrote.

But, the investors argue that Apple's existing parental controls largely offer an "all or nothing approach," so parents have to choose between shutting down certain features entirely, or giving their child full access to them.

"While there are apps that offer more options, there are a dizzying array of them (which often leads people to make no choice at all), it is not clear what research has gone into developing them, few if any offer the full array of options that the research would suggest, and they are clearly no substitute for Apple putting these choices front and center for parents," the investors wrote.

They recommended Apple form an expert committee to study this issue, offer new parental control tools and options that are integrated into the initial setup menu, educate parents about them, and offer annual progress reports like it does for environmental and supply chain issues.