2024-02-12 15:32:53
The share of the Israeli company Beamr jumps more than 500% on Nasdaq after it reported a collaboration with the chip giant Nvidia. The company from Tel Aviv was issued a year ago when it raised $7.8 million at a value of about $48 million, and in trading today (Monday) it jumps for a value of over 90 million dollars.
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Beamr, founded and managed by Sharon Carmel, provides solutions in the fields of video and broadcasting – among other things, solutions for encoding, converting and optimizing video, which enable high quality, performance and efficiency (in the past it even reported that it won an Emmy Award for the development of its technology). The company’s clients are content distributors, internet broadcasting companies, streaming platforms and Hollywood studios.
The company reported today on joint research it is presenting with Nvidia at a conference in Denver. Beamr notes in its announcement that while the use of video is growing at an exponential rate, 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 study presents the collaboration of Beamr and Nvidia in facilitating the transition to the AV1 format on a larger scale while maintaining quality.
Tamar Shoham, the company’s CTO, explained that “until today, the adoption of the upgraded video standard was a complex transition for two reasons – one, the demand for much more computing power and therefore more costs, and two, the demand for a sharp learning curve because it is difficult to understand how much additional compression is possible to implement without sacrificing video quality, which leads to uncertainty in the process. Beamr’s technology with Nvidia meets both of these challenges by using Nvidia hardware so that the performance is the same or even better than previous formats, and the costs are similar.”
Beamr recorded in the first three quarters of 2023 revenues of $1.4 million, compared to $1.2 million in the corresponding period in 2022, and it expects 2023 to end with a similar level of revenues to 2022 and growth to accelerate in 2024.
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