Apple co-founder Steve Wozniak, or Woz as his friends call him, has thrown investment dollars towards a new internet video company run by a bunch of twenty-something university graduates.

Hotswap.com is a three month old company – with a 21 year old chairman – that has developed a high-definition-like video technology. The technology allows everyday users to upload high quality video to the internet more quickly and easily than is currently possible.

The founders of Hotswap see e-commerce as the pinnacle application for their technology – already the company is cornering the online automobile sales market, where it has won several contracts. Car sellers can showcase cars for sale using the video technology.

The company predicts that high-definition quality video will allow e-commerce to further develop and become more established. It’s also confident about its future, predicting it will become a multi-billion dollar enterprise.

[Via InformationWeek]

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