Nvidia’s Impact: Israeli Company Soars 400% on Wall Street

The Israeli company Beamr’s stock soared by about 1500% during trading on Monday after announcing a collaboration with chip giant Nvidia. The Tel Aviv-based company was issued a year ago and raised $7.8 million at a valuation of about $48 million. At the end of trading, the stock had increased by about 400%, closing at a value of $129 million on Wall Street.

Beamr, founded and managed by Sharon Carmel, provides solutions in video and broadcasting, including encoding, converting and optimizing video for high quality, performance and efficiency. The company’s clients include content distributors, internet broadcasting companies, streaming platforms and Hollywood studios.

Today, Beamr announced joint research it is presenting with Nvidia at a conference in Denver. The study focuses on the transition to the AV1 format on a larger scale while maintaining quality. Beamr notes that while the use of video is growing exponentially, 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 collaboration between Beamr and Nvidia aims to facilitate this transition by providing solutions that meet both cost and performance requirements.

Tamar Shoham, Beamr’s CTO, explained that “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.” However, she noted that Beamr’s technology with Nvidia meets both challenges by using Nvidia hardware to ensure performance that is the same or better than previous formats while keeping costs similar.

In the first three quarters of 2023, Beamr recorded revenues of $1.4 million compared to $1.2 million in the corresponding period in 2022. The company expects to end 2023 with similar revenue levels to 2022 but with growth accelerating in 2024.

By Editor

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