On Monday, Israeli company Beamr experienced a significant increase in its stock price after announcing a collaboration with chip giant Nvidia. The share of Beamr jumped by about 1500% during trading before moderating at the end of the day to a jump of around 400%. At the close on Wall Street, the company’s market value was $129 million.
Founded and managed by Sharon Carmel, Beamr provides solutions in the fields of video and broadcasting. Among other things, it offers encoding, converting, and optimizing video technology that enables high-quality performance and efficiency. Its clients include content distributors, internet broadcasting companies, streaming platforms, and Hollywood studios.
Beamr announced today that it is presenting joint research with Nvidia at a conference in Denver. The study focuses on facilitating the transition to the AV1 format on a larger scale while maintaining quality. Tamar Shoham, Beamr’s CTO, explained that this transition has been complex due to two reasons: the need for more computing power and costs and the steep learning curve required to understand how much additional compression can be implemented without sacrificing video quality. However, with Beamr’s technology combined with Nvidia’s hardware, both challenges have been met. The technology provides performance that is either equal or better than previous formats while keeping costs similar.
In terms of revenue growth, Beamr recorded $1.4 million in revenues in the first three quarters of 2023 compared to $1.2 million in the corresponding period last year. The company expects to end 2023 with a similar level of revenues as last year but anticipates growth will accelerate in 2024 as more clients adopt their technologies and services are expanding into new markets such as gaming and eSports sectors where high-quality video encoding is crucial for delivering an immersive gaming experience.
Overall, this collaboration between Beamr and Nvidia presents an opportunity for further advancements in video encoding technology that can benefit various industries such as media streaming services like Netflix or YouTube as well as gaming platforms like Steam or Epic Games Store among others.
The increasing demand for high-quality video content across all platforms will drive growth opportunities for both companies as they continue to expand their offerings beyond their current scope.
With this collaboration between two leading technology companies in their respective fields