Ever wish you could go back and record that custom sports car that just raced by, or that awesome jump shot your kid just made? A new wearable camera lets you do just that: go back in time, so to speak, to retroactively capture those fleeting moments you thought you missed.

Called the Perfect Memory camera, developed by New York-based General Streaming Systems, the 12-megapixel device is pocket-size and lightweight. With a tap of its touch screen, it can record video and audio, and is capable of full-high-definition (HD) 1080p video.

Here's how it works: With its AutoEdit mode, the camera is continuously recording, and when you tap its touch screen, it saves footage from the previous 5 minutes, or any other duration you want to set. This allows people to retroactively save a video of an event after the fact. [Photo Future: 7 High-Tech Ways to Share Images]

"You don't know when a surprising, magical moment will happen ... capturing a baby's first words, for instance," said Jules Winnfield, chief operating officer of General Streaming Systems.

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Perfect Memory can be worn as a hands-free bodycam. Depending on the camera's accessories, it can also attach to the dash of a car, be paired with sports action mounts, stick to virtually any surface and even hang around a pet's neck.

Perfect Memory can also snap photos, act as a regular video camera and shoot time-lapse photography, according to General Streaming Systems. The device can accept microSD cards with up to 128GB of storage space.

A free iOS or Android app can control the camera. The camera can use Wi-Fi to wirelessly connect with a smartphone via the app, and stream video and photos live, according to the company.

When the camera is recording video continuously at the highest level of resolution, its battery can last up to 4 hours, Winnfield said. When the camera is recording continuously and using Wi-Fi to stream video live, the battery will last up to 2 hours. If the camera is not recording continuously, its battery may last up to several days. The battery takes up to 1.5 hours to recharge, according to the company.

General Streaming Systems started developing the Perfect Memory camera in 2015. An Indiegogo crowdfunding campaign for the device raised more than $171,000 in two months. When the campaign ended on Aug. 20, it had raised almost six times more than its $30,000 goal. Mass production of the cameras (which can be purchased for an early-bird price of $119) will begin this month, and the devices are expected to ship to the campaign's backers beginning in October.

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