The share price of Israeli video optimization company Beamr Imaging rose 371.56% on Wall Street this evening to $9.95, giving a market cap of $130 million, after reporting a collaboration deal with chip giant Nvidia. In after hours trading the share price rose a further 33.17%. At one time yesterday the share price soared 1,500%. The company held its IPO about a year ago when it raised $7.8 million at a company valuation of $48 million. After the market closed, Beamr announced the pricing of a $12 million public offering.
Beamr, which was founded by CEO Sharon Carmel, provides video and broadcasting solutions for coding, conversion and video optimization, which allows high quality, performance and efficiency. The company's customers are content producers, broadcast and Internet companies, streaming platforms and Hollywood studios.
Beamr today reported about that it will present its joint research on automated video modernization with Nvidia at the ACM Mile-High-Video 2024 conference, being held in Denver this week.
The research found that while video usage is growing at an exponential pace, most videos today are still based on a 20 year old format (AVC / H.264), that existed before smartphones, AI, 85" screens and high-speed internet. The research presented will highlight the Beamr-Nvidia collaboration in facilitating the transition to AV1 adoption at scale.
Beamr CTO, Tamar Shoham explained: "Until today, adopting the upgraded video standard was a complex transition for two reasons - one, the new standard requires significantly more compute power and therefore comes at a very high cost; and two, the new standard requires a steep learning curve as it is difficult to figure out how much added compression can be applied without sacrificing video quality, which results in a lot of uncertainty during the process."
He added, "Beamr technology powered by Nvidia's encoder (NVENC) addresses these two challenges by using Nvidia’s hardware accelerated AV1 encoding with performance that is equal, and even superior, to previous formats. It is done at the same cost thanks to Nvidia’s focus on the adoption of the latest standards. We also made the conversion to modern formats, or ‘codecs’, such as AV1, fully automated, so that going from an AVC format to a smaller, more efficient AV1 format is seamless and does not introduce any quality degradation."
In the first three quarters of 2023, Beamr's revenue was $1.4 million compared with $1.2 million in the corresponding period of 2022. The company expects full year 2023 revenue to be similar to 2022, with accelerated growth in 2024.
Published by Globes, Israel business news - en.globes.co.il - on February 12, 2024.
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