Israeli company Beamr saw its stock surge by about 1500% during trading on Monday after announcing a collaboration with chip giant Nvidia. The Tel Aviv-based company, which was founded and managed by Sharon Carmel, provides solutions in the fields of video and broadcasting, including encoding, converting and optimizing video for high quality, performance and efficiency.
Beamr’s clients are content distributors, internet broadcasting companies, streaming platforms and Hollywood studios. 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 and expects to end the year with a similar level of revenues and growth to accelerate in 2024.
The company reported today on joint research it is presenting with Nvidia at a conference in Denver. Beamr noted 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, Beamr’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.” She added that “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