On Monday, Israeli company Beamr experienced a remarkable increase in its shares, jumping around 1500% after announcing a collaboration with chip giant Nvidia. The Tel Aviv-based company 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 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. In fact, it was even reported in the past that Beamr won an Emmy Award for the development of its technology.
The collaboration between Beamr and Nvidia is focused on facilitating the transition to the AV1 format while maintaining quality. Beamr’s CTO, Tamar Shoham explained that this technology addresses some of the challenges associated with this transition by using Nvidia hardware to maintain performance while keeping costs similar.
In terms of financials, Beamr 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. Additionally, Beamr strives 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.