Jumpcut is yet another Silicon Valley start-up (San Francisco) that is pushing an online video editing product, and we haven’t mentioned it before.

Some sites launch, and we never hear about them again. We’ve since heard a few folks talking about Jumpcut’s editing tools. Today we hear it has cut a deal with Fox Atomic, the new youth-focused division of Fox Films.

Jumpcut’s video editing tools, based on Adobe’s “flash” technology, will give Fox Atomic a way to interact with its audience: Any teen can post and edit their audition video at either Jumpcut or Fox Atomic.

We asked Jumpcut chief exec Mike Folgner, 29, why he thought he had a chance, given he’s like the 20th player in this space.

He said he started working on Jumpcut last June during his second year at Stanford, when he knew online video was going to explode. He scooped up Ryan Cunningham, from Macromedia, as chief technology office, who brings a lot of experience with video ads. Folgner says his product is different: A fully-featured video editor, which sits in the browser, and there’s nothing to download. With built-in flash technology, the editor lets you see everything you do immediately: changes in color, sharpening and so on. You can host your videos at the site, and pull in videos from other video editing companies — and of course, share them with all your friends.

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He wouldn’t tell us, though, how lucrative this deal with Fox is. He is also quiet on the amount of funding he has. Jumpcut raised a seed round from Westlake Venture Partners and Great Oaks Capital, and two individual “angel” investors, he said. His 12-employee company is raising a round of venture capital as we write.

Folgner, a Stanford engineer, worked at OpenTV, in San Francisco until 2004, where he did business development. He then enrolled into Stanford’s MBA program, where they teach you to start companies. And in 2004 and 2005, what better place to start than Web 2.0 video?.