Beamr Imaging (NASDAQ: BMR) stock soared on Monday following the announcement of a partnership with Nvidia (NASDAQ: NVDA).
Beamr Imaging (BMR) and Nvidia (NVDA) are teaming up to speed up the adoption of AV1, the latest video standard poised to replace the current one. AV1 will shape the future of video, especially in a world dominated by smartphones and high-speed internet.
The Israeli company revealed on Monday morning that its new AOMedia Video 1 format, or AV1, is facing slow adoption, especially in growing markets like artificial intelligence, machine learning, streaming, and user-generated content. The reason for this sluggish uptake is the complex and expensive processes involved in upgrading existing video libraries.
Beamr Imaging and Nvidia will unveil a solution to the challenge at the upcoming ACM Mile-High-Video 2024 conference. The companies will introduce an automated process designed to seamlessly transfer video libraries and repositories into AV1, streamlining the transition on a large scale.
This collaboration follows Beamr Imaging’s recent announcement of its plan to launch a new cloud video service on February 20, 2024. The upcoming service is geared towards simplifying video processing, making it more accessible and affordable for a broader audience.
Beamr Imaging (NASDAQ: BMR) Stock Reaction
BMR stock surged 371.56% to close at $9.95 on Monday. The traders had exchanged hands with 149,454,683 (149.45 million) shares compared to the average daily trading volume of 146.79K.