The Israeli company Beamr saw a significant increase in its shares on Monday, jumping about 1500% after announcing a collaboration with chip giant Nvidia. The company, based in Tel Aviv, had raised 7.8 million dollars at a value of about 48 million dollars just a year ago. By the end of Monday’s trading, the stock increase had moderated, closing with a jump of about 400%, resulting in the company’s market value being $129 million at the close on Wall Street.
Beamr, founded and managed by Sharon Carmel, offers solutions in video and broadcasting, including encoding, converting, and optimizing video for high quality, performance, and efficiency. The company serves clients such as content distributors, internet broadcasting companies, streaming platforms, and Hollywood studios. It was even reported in the past that Beamr won an Emmy Award for the development of its technology.
This collaboration between Beamr and Nvidia is presented at a conference in Denver, focusing on facilitating the transition to the AV1 format while maintaining quality. Beamr’s CTO, Tamar Shoham, explained that the technology with Nvidia addresses the challenges associated with this transition, using Nvidia hardware to maintain performance and keep costs similar.
The company has recorded revenues of $1.4 million in the first three quarters of 2023, compared to $1.2 million in the corresponding period in 2022. It expects to end 2023 with a similar level of revenues to 2022 and accelerate growth in 2024. Beamr is also striving for a diverse and respectful discourse, in accordance with its code of ethics, and works to filter out any inappropriate discourse that may appear on its site.