I'm used to having magnetic bit holders, which will attract the screw, but sometimes the screw will still slip away sideways while screwing it in.
Today I watched an episode of Adam Savage's One Day Builds on YouTube and noticed a kind of bit holder that I haven't seen before:

You can see it in action around the 12:00 mark.
What is this device called and what other options are there to keep screws from slipping?

