The 'Ʌ' character is new. It is used to represent the /awe/ sound, literally the vowel sound you voice when you say the word 'awe'. This is a single monophthong vowel but since our existing alphabet does not provide a letter for it, the word 'awe' uses 3 letters to represent this single speech sound.
As you can see in the word examples above, not having a character to represent this single vowel sound has resulted in some very clown-show, random, letter salad spellings of words. 7M-English kicks out the clowns and brings sanity by providing a character for the /awe/ pure vowel.