Israeli Company’s Stock Skyrockets by 400% on Wall Street

Israeli Company’s Stock Skyrockets by 400% on Wall Street

On Monday, Beamr, an Israeli company, saw its share prices skyrocket by approximately 1500% following an announcement of its collaboration with chip giant, Nvidia. Beamr, which is based in Tel Aviv, was established a year ago, raising 7.8 million dollars at a valuation of roughly 48 million dollars. However, at the close of trading on Monday, the surge in the stock price had moderated, closing with an increase of about 400%. The market value of the company was 129 million dollars at the close on Wall Street.

Beamr, under the leadership of founder Sharon Carmel, provides solutions in the video and broadcasting sectors. These solutions include video encoding, conversion, and optimization, all designed to deliver high quality, performance, and efficiency. The company, which has previously reported winning an Emmy Award for its technological development, serves a diverse clientele including content distributors, internet broadcasting companies, streaming platforms, and Hollywood studios.

Beamr announced its collaboration with Nvidia in a joint research presentation at a conference in Denver. The company pointed out that despite the rapid growth of video use, most videos still operate on a 20-year-old format, AVC/H.264, which predates smartphones and high-speed internet. The research details how Beamr and Nvidia are facilitating the shift to the AV1 format on a larger scale, while maintaining quality.

The company’s Chief Technology Officer, Tamar Shoham, elucidated on the challenges of adopting the upgraded video standard. The two main challenges were the need for increased computing power and therefore higher costs, and the steep learning curve due to the difficulty in understanding how much more compression can be achieved without compromising video quality. According to Shoham, Beamr’s technology, in collaboration with Nvidia, addresses these issues by utilizing Nvidia hardware, ensuring performance that is on par or better than previous formats, at similar costs.

In the first three quarters of 2023, Beamr reported revenues of $1.4 million, a slight increase from the $1.2 million reported in the same period in 2022. The company anticipates similar revenue levels for 2023 as in 2022, with growth expected to pick up in 2024.

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