Israeli video and broadcasting solutions company Beamr Imaging filed on Tuesday with the SEC for an initial public offering (IPO) on Nasdaq. The company provided no details about how much it wanted to raise or at what valuation but the "Renaissance Capital" website reported that Beamr would raise up to $35 million.
Herzliya-based Beamr provides video encoding, transcoding, and optimization solutions that allow high quality, performance, and efficiency for video and images. Last year, the company was awarded an Emmy for its technology.
Beamr's customers include content distributors, OTT (Internet broadcasters), video streaming platforms, and Hollywood studios, with customers including Netflix, ViacomCBS, Microsoft, and Walmart.
According to IVC, Beamr was founded in 2009 by CEO Sharon Carmel, and has raised $29 million to date including its most recent financing round in 2020. According to Beamr's prospectus, Carmel is a serial entrepreneur with proven experience with software companies. He was one of the founders of Emblaze and subsequently founded Belnsync, which was sold for $22 million.
Beamr reported revenue of $3.3 million in 2021, up 4% from 2020, and narrowed its loss to $952,000 last year from $2.5 million in 2020.
Published by Globes, Israel business news - en.globes.co.il - on February 23, 2022.
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