The OM System OM-1 is a post-Olympus flagship camera

OM Digital Solutions, the new company formed after Olympus sold off its camera business to a Japanese investment fund, has announced its first camera. The OM System OM-1 is a flagship Micro Four Thirds mirrorless camera that serves as a successor to previous high-end Olympus models like the O-MD E-M1 Mark III.

The OM-1 name will be a familiar one to Olympus shooters — a 35mm SLR camera with the same name launched the OM line in 1972. The new OM System OM-1 still has the Olympus name on the body, though the company tells DPreview that this is likely to be the last model where that’s the case.

The OM-1 has a new 20-megapixel stacked CMOS sensor and an upgraded processor that lets it shoot stills at 50 frames per second with autofocus and auto exposure, or at up to 120 frames a second with focus and exposure set at the first frame — at least when using the electronic shutter with certain Pro-series lenses attached. The OM-1 can also shoot 4K video at 60fps for up to 90 minutes on a battery or two hours with external power.

The body has been redesigned but still looks largely in line with earlier Olympus cameras. Its weather sealing is rated IP53. The viewfinder has been upgraded to a 5.76 million-dot OLED panel, and there’s a 1.62 million-dot 3-inch articulating touchscreen that displays a reworked menu system.

At $2,199 for the body alone and $2,799 in a kit with a refreshed 12-40mm f/2.8 lens, the new OM-1 is likely to be a hard sell for photographers who aren’t already invested in Olympus cameras. But it also looks like a big upgrade for those who are — it’s a significant overhaul that brings the Micro Four Thirds line up to date and suggests the new ownership is serious about continuing Olympus’ legacy. It’ll be available early next month.