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

Israeli Startup Beamr Surges in Stock Value Following Collaboration with Nvidia

In a stunning turn of events, Israeli startup Beamr saw its stock price soar by over 1,500% during trading on Monday after announcing a collaboration with chip giant Nvidia. Founded and managed by Sharon Carmel, the Tel Aviv-based company provides solutions in the fields of video and broadcasting, including encoding, converting and optimizing video for high quality, performance and efficiency.

Beamr’s clients include content distributors, internet broadcasting companies, streaming platforms and Hollywood studios. The company’s market value was $129 million at the close on Wall Street.

In an announcement today, Beamr revealed joint research it is presenting with Nvidia at a conference in Denver. The study focuses on facilitating the transition to the AV1 format on a larger scale while maintaining quality. According to Tamar Shoham, Beamr’s CTO, the adoption of the upgraded video standard has been a complex transition due to demands for more computing power and higher costs. However, Beamr’s technology with Nvidia meets these challenges by using Nvidia hardware to maintain or even improve performance while keeping costs similar.

Despite revenue growth in the first three quarters of 2023 compared to 2022, Beamr recorded revenues of $1.4 million in that period. However, the company expects 2023 to end with a similar level of revenues to 2022 and growth to accelerate in 2024.

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