Video Commerce Site Hotswap Gets Funding From Apple & Clear Channel Co-Founders

Hotswap.com, an online video commerce play, has received funding from some big names like Apple co-founder Steve Wozniak and Red McCombs, co-founder of Clear Channel Communications, and venture investment from Kinsey Hills Group. The site for now has video ads for used car sales…the technology emerged from graduate computer science research into digital “compression” that its founders say can make common digital camera movie clips (say on YouTube) mimic HDTV on sites, the Reuters story says (though companies like Move Networks are in a similar space, technology wise at least…and by the way, Move in the middle of raising a big strategic round, from what I have heard). The site was founded by Luke Thomas, a 21-year-old former UC Berkeley grad student. Hype factor: very high.