Japan’s Panasonic Corporation (TYO:6752) on Thursday unveiled its new LUMIX DMC-FZ1000, which it claimed is “the world's first digital compact camera to offer 4K video recording capability.” The camera, which is the latest addition to the company’s popular LUMIX FZ series, will be available in the U.S. in July for $899.99.

According to Panasonic, the new FZ1000 features a one-inch, 20.1-megapixel High Sensitivity MOS Sensor, which helps the camera take better pictures even in poor lighting. The camera comes with a feature called “Venus Engine,” which is developed with new noise-reduction systems, such as Multi Process NR, Random Filter and Aperture Filter.

FZ1000 features a 25mm-400mm equivalent f/2.8-4.0 lens with 16x optical zoom. The camera’s 4K recording capability -- up to 30 fps in MP4 -- comes with a 3840x2160 resolution, while it offers a maximum 1/4,000 (mechanical) and 1/16,000 (electronic) shutter speed. FZ1000 will allow users to record nearly 30-minute-long 4K videos, Panasonic said.

The camera sports a 0.39-inch high-speed OLED view finder with a 4:3 aspect ratio and users also have the option of a 3-inch LCD display, which can rotate 180 degrees to each side or tilt 270 degrees up and down, to help users view and frame their shots even at awkward angles.

The new FZ1000 also features Wi-Fi connectivity and Near Field Communication, or NFC, which is expected to make it easier for users to share photos. The camera also comes with a 3.5mm jack for an external microphone connection.

One of the closest competitors to FZ1000, as noted by The Verge, is Sony Corp’s (NYSE:SNE) RX10, which also features a one-inch sensor and a zoom range of 24mm to 200mm, at f/2.8 aperture. The FZ1000 is, however, cheaper than the RX10, which costs $1,299.99.

For more details on the specs and features of Panasonic’s LUMIX DMC-FZ1000, click here.