NEW YORK (TheStreet) -- Polaroid is going digital as the company released its new app, Polaroid Swing, Fox Business Network's Maria Bartiromo reported on "Mornings with Maria Bartiromo" Wednesday.

The new app will allow users to capture one second pictures in movement and will be free of charge, she said. 

The app is backed by several big names in the tech sector such as Twitter (TWTR) - Get Report co-founder Biz Stone.

The app is about combining the iconic heritage of a Polaroid with the newest technology, Polaroid Swing's co-founder Tommy Stadlen told Fox Business Network

"So what you do in the iPhone app you hit one button might feel Polaroid and what you get back is this living, breathing photograph," he said. 

There's recently been a lot of exploration in the area between pictures and videos, he added.

"We felt that polaroid was really the right brand to own this medium," Stadlen said. 

The company's goal is to bring the same feeling Polaroid users have when holding the physical photograph to smartphone photography, he noted.

When asked if there would be printing capabilities, Stadlen said Polaroid has a hardware lab in San Francisco with a team of apple engineers that are currently working on that.