Canon has just announced the PowerShot SX740. The newest addition to the company’s compact camera Powershot series will be the first to feature 4K capabilities. It will also boast a 40x Optical Zoom lens (equivalent to 24-960mm) as well as a 20.3 Megapixel CMOS imaging sensor.

“We remain committed to incorporating the latest technologies and innovations into Canon products that help meet the needs of our customers,” said Kazuto Ogawa, president and COO, Canon U.S.A., Inc. “As we continue to grow the popular PowerShot SX-series, we are excited to offer more imaging solutions that encourage visual storytelling.”

The camera will also feature high-speed continuous shooting up to 7.4 fps as well as built-in Wifi and Bluetooth technology. Other notable features include a DIGIC 8 image processor, dual-sensing image stabilization, automatic image transfer, and feature assistant. The 3.0-inch LCD screen will rotate 180s degrees.

Of course, the camera’s ability to capture 4K Video and Time Lapse is the biggest draw here. Prior to this announcement, the only 4K capable camera’s in Canon’s repertoire were higher-end cameras. This will provide the feature at a reasonable price (under $500).

Trying to fight the smartphone photography onslaught (or just reminding consumers that it is still a better option when it comes to photography), in the press release, Canon said that the camera “helps make transitioning away from smartphone photography fun and easy.”

You will be able to purchase The PowerShot SX740 HS in late August for around $400. It’ll be available in silver or black. 

You can read the press release here.