Meet Mixbit, the new video-sharing app from YouTube founders Hurley and Chen

Look out Vine, watch your back Instagram Video, there’s a new player trying to steal your mantle. It’s founders know a think or two about video too. You may have heard of this site they started back in the day, it’s called,um, YouTube?

Yup, YouTube founders Chad Hurley and Steve Chen are more or less ready to unveil Mixbit, their new video-based pet project.

According to GigaOm, which got a peek behind the scenes, Mixbit is pretty much a Vine for video remixers. Basically users can record 16 second clips and then mash them all together into one large clip that can be up to an hour long.

Here’s how the site describes the service:

The MixBit app and website helps people create videos together. The app lets you record, edit and publish videos as short as one second or as long as an hour—right from your mobile device. The MixBit site is also the first site that lets users collaborate with each other and remix videos uploaded by the community.

The clips can be recorded via an iOS app, which landed on the iTunes app store late on Wednesday. An Android version is apparently forthcoming, although it’s uncertain exactly when that will go live.

GigaOm reports that clips are also embeddable on third-party sites and there’s a kind of visual progress bar which shows which clips a Mix consists of and where they’re from.

Hurley and Chen have, of course, not been sitting idly in their time post-YouTube. In June for instance, the two took video-sharing to China with what was more or less a straight up Vine clone.