Beamr, an Israeli company founded and managed by Sharon Carmel, experienced a significant increase in stock value on Monday after reporting a collaboration with the chip giant Nvidia. The company was issued just over a year ago and raised $7.8 million at a valuation of about $48 million. By the end of trading on Monday, the stock had jumped by around 400%.
Beamr provides solutions in various fields such as video and broadcasting, including encoding, converting, and optimizing video for high-quality performance and efficiency. The company’s clients include content distributors, internet broadcasting companies, streaming platforms, and Hollywood studios.
The company announced today that it is collaborating with Nvidia on joint research to facilitate the transition to the AV1 format on a larger scale while maintaining quality. According to Beamr’s announcement, most videos today are still based on a 20-year-old format (AVC / H.264), which existed even before smartphones and high-speed Internet. The study presents how Beamr and Nvidia can help accelerate this transition by using Nvidia hardware to maintain the same or even better performance while keeping costs similar.
Tamar Shoham, Beamr’s CTO, explained that one of the challenges of adopting an upgraded video standard is the demand for more computing power and higher costs. However, Beamr’s technology with Nvidia addresses both challenges by providing performance that is either equal or better than previous formats while keeping costs similar.
In addition to its collaboration with Nvidia, Beamr has been experiencing growth in its revenue in recent quarters. The company recorded revenues of $1.4 million in the first three quarters of 2023 compared to $1.2 million in the corresponding period in 2022. While revenues are expected to level off at a similar amount for 2023, Beamr expects growth to accelerate in 2024 as more companies adopt AV1 technology for their video content needs.
Overall, Beamr’s collaboration with Nvidia represents an exciting opportunity for both companies to drive innovation and growth in the field of video encoding technology while also addressing some of the challenges associated with transitioning to new standards.
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The Israeli tech startup Beamr saw its stock price jump by over 1500% during trading hours on Monday after announcing a partnership with chip giant Nvidia. Issued just over a year ago at a valuation of about $48 million after raising $7.8 million dollars during fundraising efforts., at closing time on Wall Street it had jumped about 400%.
Beamr’s clients include content distributors, internet broadcasters, streaming platforms and Hollywood studios . Founded by Sharon Carmel , they specialize in providing solutions within fields such as video optimization , conversion , encoding among others . Their products provide high quality , performance , efficiency that enable their clients’ success.
The company announced today its research collaboration with NVIDIA at conference held in Denver . In this project they will be working together towards transitioning from AVC/H..