GoPro is launching its first camera capable of live streaming in an effort to woo investors and improve its performance during the holiday rush.

The $399 Hero7 Black also features new stabilization technology, voice command capability and a new video format the company is calling TimeWarp, which compresses longer experiences into short, speeded-up videos.

The company is also announcing the $199 Hero7 White and the $299 Hero7 Silver. It says they're both waterproof for up to 33 feet and have improved stability, image quality and voice recognition software.

GoPro CEO Nick Woodman told CNBC's Josh Lipton the new stabilization technology, which the company calls HyperSmooth, is "the biggest innovation in video since high definition. It just makes a user's footage so much more usable."