Beamr, an Israeli company founded by Sharon Carmel, has experienced a 1500% increase in stock price after announcing a collaboration with chip giant Nvidia. The Tel Aviv-based company was valued at $48 million when it raised $7.8 million in funding last year. By the end of trading on Monday, the increases in the stock had moderated and closed with a jump of about 400%, giving the company a market value of $129 million on Wall Street.
Beamr provides solutions for video and broadcasting, including encoding, converting, and optimizing video for high quality, performance, and efficiency. Its clients include content distributors, internet broadcasting companies, streaming platforms, and Hollywood studios. The company is known for winning an Emmy Award for its technology development.
Beamr announced today that it is presenting joint research with Nvidia at a conference in Denver to facilitate the transition to the AV1 format on a larger scale while maintaining quality. The study highlights how most videos today are still based on a 20-year-old format (AVC / H.264) that existed even before smartphones and high-speed Internet. The collaboration between Beamr and Nvidia aims to address challenges such as increased computing power demand and steep learning curves associated with adopting the upgraded video standard while maintaining quality.
Tamar Shoham, Beamr’s CTO explained that until now adopting the upgraded video standard was complex because of two reasons: firstly due to the demand for much more computing power which meant more costs; secondly because of the need for sharp learning curve as it is difficult to understand how much additional compression can be implemented without sacrificing video quality leading to uncertainty in process. However she stated that Beamr’s technology with Nvidia meets both challenges by using Nvidia hardware so that performance remains similar or even better than previous formats while keeping costs at similar levels.
In terms of financial performance Beamr recorded revenues of $1