The device has been developed by the MIT Media Lab’s Camera Culture group in collaboration with Bawendi Lab in the Department of Chemistry at MIT. A laser pulse that lasts less than one trillionth of a second is used as a flash and the light returning from the scene is collected by a camera at a rate equivalent to roughly half a trillion frames per second. However, due to very short exposure times (roughly two trillionth of a second) and a narrow field of view of the camera, the video is captured over several minutes by repeated and periodic sampling. The new technique is able to compose a single 2D movie of roughly 480 frames each with an effective exposure time of 1.71 picoseconds.
MIT's Youtube video shows the camera in work:
Thanks to RC and CDM for sending me the link!