|By PR Newswire||
|April 7, 2014 01:10 PM EDT||
TEL-AVIV, Israel, April 7, 2014 /PRNewswire/ -- Beamr (formerly ICVT), the leading provider of image and video optimization products, announced today that it has closed a $9.5M financing round led by venture capital firms Marker LLC and Innovation Endeavors.
Voted "Best of Show" at IBC 2013, the company's Beamr Video optimization technology reduces the bitrate of H.264 video streams by up to 50%, without affecting perceptual quality or altering the format of the original stream. Beamr Video enables smoother delivery of HD video over existing mobile and broadband connections, and significant cost savings to content distributors, OTT service providers, and network operators. The technology has been installed at Hollywood's major studios, and commercial deployment is expected soon. Beamr will demonstrate its Beamr Video optimization technology at the National Association of Broadcasters (NAB) show in Las Vegas on April 7-10, 2014, in Booth #SU13910, South Upper Hall.
Prior to developing its video optimization technology, Beamr had released JPEGmini, a software product that reduces the file size of images by up to 5x (80%), with no visible impact on image quality. JPEGmini already powers some of the world's largest social networks, photo sharing platforms, and e-commerce websites.
The company plans to deploy the new funds from this financing round to accelerate the development of its Ultra-HD and HEVC optimization technologies that will enable "over-the-top" streaming of Ultra-HD (4K) content to broadband-connected consumers. The company also plans to expand its marketing and sales activities in the US and globally.
"OTT video delivery already accounts for 50% of US broadband capacity and it continues to grow rapidly. As media giants such as Amazon and Apple continue to expand their video services and as consumer demand for online video increases further, Beamr's video optimization technology will become a critical component in the entertainment imaging industry," said Rick Scanlon, a Partner at Marker. "Beamr Video delivers a significantly enhanced viewing experience and remarkably effective bitrate reduction - two critical features that will enable the industry's transition to Ultra HD and full OTT delivery. We look forward to working closely with Beamr as it expands its market reach."
"Since its inception in 2009, Beamr has developed a strong IP portfolio and established a strong customer base within the world's largest media companies," said Beamr Founder and CEO Sharon Carmel. "We are thankful to Marker and Innovation Endeavors for helping us realize the company's vision of reducing the cost and improving the user experience of media delivery to any device over any network".
Beamr (www.beamrvideo.com) is an innovative private company comprised of the world's leading imaging scientists, veterans of the Israeli technology industry who are also successful entrepreneurs. Headquartered in Tel-Aviv, Beamr is focused on improving the quality, speed, and user experience of photo and video sharing.
About Marker LLC
Marker LLC is a New York City and Herzliya, Israel based private investment firm with an exceptional track record, a world class investor base, and a global perspective. Marker's mission is to help promising companies develop into great companies and great companies into enduring market leaders. Marker's partners have helped businesses around the world in a wide variety of sectors achieve remarkable success.
About Innovation Endeavors
Founded in 2010 by Google Chairman Eric Schmidt and Dror Berman, Innovation Endeavors is an early stage venture fund focused on advancing the world by providing high-impact entrepreneurs with the capital, coaching and network to build game-changing ventures. Based in Palo Alto with an office in Tel-Aviv, Innovation Endeavors has backed over 100 entrepreneurs and more than 50 early stage companies.
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