• Fri. Feb 23rd, 2024

Beamr’s Meteoric Rise: How Collaboration with Nvidia Boosted Stock Value and Advanced Video Compression Technology

ByEditor

Feb 13, 2024
Nvidia’s Impact: Israeli Company Soars 400% on Wall Street

Israeli startup Beamr experienced a meteoric rise in stock value on Monday, increasing by approximately 1500% after announcing a collaboration with chip giant Nvidia. Founded and managed by Sharon Carmel, the Tel Aviv-based company provides solutions for video encoding, conversion, and optimization, enabling high-quality performance and efficiency.

Beamr’s clients include content distributors, internet broadcasting companies, streaming platforms, and Hollywood studios. The company has been in operation since its inception in 2023 when it raised $7.8 million at a valuation of $48 million. At the close of trading on Monday, the stock had moderated its gains to around a 400% increase in value. Beamr’s market value now stands at $129 million on Wall Street.

On Tuesday morning, Beamr announced its joint research with Nvidia that will be presented at an upcoming conference in Denver. The study focuses on facilitating the transition to the AV1 format while maintaining video quality. Tamar Shoham, Beamr’s CTO explained that the adoption of the upgraded video standard has been a complex transition due to two factors: the demand for increased computing power and higher costs as well as a steep learning curve for users who struggle to understand how much compression can be implemented without sacrificing quality.

With Nvidia hardware support, Beamr’s technology addresses these challenges by providing performance that is equal or better than previous formats while keeping costs similar. The company recorded revenues of $1.4 million in the first three quarters of 2023 compared to $1.2 million during the corresponding period last year and expects 2023 to end with revenues similar to those of 2023 while growth continues to accelerate in 2024

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