Midnox wants to help maximize the iPhone’s great camera to shoot awesome video. Its app, Luma, stabilizes video as you record in real time to give it a more clean and professional look.

Typically, you have to use an editing application, such as After Effects, to stabilize video and remove the shaky effects. However, the Luma app will stabilize the video as you shoot it. The app allows you to pinch, zoom, and use other touch screen controls to simulate video recording with a high quality camera. You can also add filters to your video while shooting, which can be swapped out at any time.

Once you shoot your stable, un-shaky, black and white video, Luma automatically shares it to its own cloud storage system. You can then share the video on other social networks like Facebook and Twitter.

“One day you’ll shoot, edit, and share videos all through Luma,” said co-founder Alex Karpenko. “We’re helping you shoot video and we’re building the best editing tools.”

Alex Karpenko founded Midnox with his two brothers, Alexei and Ivan. The three-brother-team is a first for Y Combinator.

Midnox is one of 39 companies presenting at Y Combinator’s Demo Day Spring 2012 event. Check out other cool companies making their debut here.

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