New York - Hotswap.com, an Internet video start-up founded by three former University of California grad students, has raised an undisclosed sum of funding from backers including Apple co-founder Steve Wozniak and Clear Channel co-founder Red McCombs, Reuters reported.

Berkeley, Calif.-based Hotswap has developed video compression technology it says can transform the lower-quality digital camera clips uploaded to sites like YouTube into high-definition-like video.

Currently, the company hosts user-generated videos from consumers looking to sell their used cars.

Customers of the service include AutoNation and Hotswap investor Red McCombs' San Antonio-based chain of auto dealerships.

"I like what they're doing. It's definitely a step forward," Wozniak told Reuters.

Related Links:
http://tinyurl.com/yu58ec (Reuters)

http://www.hotswap.com