Beamr, an Israeli video and broadcasting solutions company, saw its stock price jump by about 1500% on Monday after announcing a collaboration with chip giant Nvidia. The company, founded and managed by Sharon Carmel, provides solutions in the fields of video and broadcasting – among other things, solutions for encoding, converting and optimizing video, which enable high quality, performance and efficiency.
The collaboration between Beamr and Nvidia aims to facilitate the transition to the AV1 format on a larger scale while maintaining quality. 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. Beamr notes in its announcement that this study presents their technology with Nvidia in meeting both of these challenges by using Nvidia hardware so that the performance is the same or even better than previous formats, and the costs are similar.
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.” With this collaboration with Nvidia, Beamr has been able to overcome these challenges.
Beamr recorded revenues of $1.4 million in the first three quarters of 2023 compared to $1.2 million in the corresponding period in 2022. They expect 2023 to end with a similar level of revenues to 2022 but growth to accelerate in 2024 as they continue to expand their business through collaborations like this one with Nvidia.