Based on a concept first proposed in the early 1900s, the Illum camera uses thousands of micro-lenses with mirrors to capture a wide spectrum of light across four dimensions, as well as the direction of that light.
Lytro claims it is the first company to have developed a practical application for this light field technology. The Illum is the company's second model to use it, and features a unique lens array that has eight times optical zoom and a constant aperture that allows the camera to capture images in low light.
The micro-lens system replaces the single lens and mirror construction of a traditional camera that only records the colour and intensity of light. This allows the camera to construct a digital image with multiple dimensions, meaning the perspective, focus and tilt can be manipulated after the picture is taken.
These edits can be made in-camera or on the desktop using bespoke software with click-and-drag functionality.
On a compatible screen, the images can also be viewed in 3D thanks to the depth of field built in to each image.
"By combining a novel hardware array with tremendous computational horsepower, this camera opens up unprecedented possibilities to push the boundaries of creativity beyond the limits inherent in digital or film photography," said Lytro CEO Jason Rosenthal.
On the back is a four-inch touch screen on a hinge that can be tilted. Built-in editing software assists the user by highlighting which objects are within the camera's refocus-able range.
Powering the Illum is a quad-core Snapdragon 800 CPU processor – the unit that is found inside the Samsung Galaxy S5 and HTC One M8 smartphones.
In Lytro's first camera, unveiled in 2012, each image taken was 16MB in size, and the device was a long, narrow square tube. In the latest version, the camera more closely resembles traditional SLRs, and a larger sensor has been added, creating images four times the size of the original.
The camera uses standard SD cards, as well as a hot shoe that allows the attachment of a flash.
"With Lytro Illum, creative pioneers - ranging from artistic amateurs to experienced professionals - will tap into a new wave of graphical storytelling," said Rosenthal, who envisages a future scenario in which viewers of photographs can interact with them and change them.
The Illum is due to go on sale in the UK in September 2014.