On Monday, Israeli company Beamr experienced a massive surge in stock price after reporting its collaboration with chip giant Nvidia. The company, founded and managed by Sharon Carmel, provides solutions in the fields of video and broadcasting. Its clients include content distributors, internet broadcasting companies, streaming platforms, and Hollywood studios.
Beamr announced that it has partnered with Nvidia to facilitate the transition to the AV1 video format on a larger scale while maintaining quality. Tamar Shoham, the company’s CTO, explained that this is a complex transition due to the demand for more computing power and higher costs. However, Beamr’s technology with Nvidia meets both challenges by using Nvidia hardware to maintain or improve performance while keeping costs similar.
In 2023, Beamr recorded revenues of $1.4 million compared to $1.2 million in the corresponding period in 2022 and expects 2023 to end with a similar level of revenues. The company expects growth to accelerate in 2024 as it continues its partnership with Nvidia and develops new technologies for high-quality video encoding and conversion.