Everybody, thanks for joining us today. Olivier and I are very happy to share with you the latest news. You may have seen that we share very good news last night. Today we will, of course, give you more information about this news and also give you information about what our main priorities for this year. Before we go to the presentation, I would like to take this opportunity to let Olivier introduce himself. I think that most of you do not know him. Olivier, do you want to rapidly introduce yourself?
Yes, of course. Thank you, Eric. Welcome everyone. Happy to be here with you. Just to let you know, I joined Kalray at the end of last year, so in December, short time ago. Just before joining Kalray, I had more than 30 years experience as in the finance business, beginning with in one of the Big Four audit firms. Then having a multiple experience in various sectors, like video game and IT companies. Most of them in the international, with an international exposure. That's my first experience in a deep tech company, which I'm happy and excited to join.
I will probably have some time in the coming months to share more information with you and, I'm happy to participate in this first meeting.
Thank you, Olivier. In terms of agenda, as usually, we will start with a couple of slide re-summarizing who we are and what we do. Most of you knows us very well, but it's part of the exercise. We of course, focus on the key facts that we announced yesterday, we will come back to what have been the key facts for last year, 2022. I will let Olivier share with you a couple of information about our financials, and then we will spend some time to regarding the outlook for this year and what should be our top priorities. Starting with Kalray in a nutshell, switch to next slide.
As most of you know, we are a fabless company. We are one of the pioneer a new type of processor called DPU, for Data Processing Unit. For more than last 12 years, actually, we built around this new type of processor, a complete set of solutions to address this booming market of data- intensive applications. Fabless company, deep tech company. We invested massively in the last years to develop our technology. We have now a very mature technology, and you will see that into with figures I will share later in the presentation. Right now, in term of processor, we are at the third generation.
We are really in the phase of a deep tech, which is very exciting phase of scaling up the business, and that's really what I would like to comment today and to show you good evidences that we are now really in this phase of scaling up the business. Just a word about what we sell today on the market and what is our mission in the market. Our mission is actually pretty straightforward. Our modern societies generate more and more data. Our goal as a company is to provide solutions, to provide technologies to help our customer process data smarter, more efficiently and more securely. To do so, basically, we build a complete and comprehensive portfolio around our chip.
Starting from our DPU processor, when we build the, what we call the hardware, so typically the acceleration card, so acceleration card that can be easily integrated, plugged into servers or plugged into solution to accelerate all the data- intensive workload that our customer may have to manage in order to drive down the power consumption, to improve dramatically the TCO, to improve dramatically the capability to analyze data. Then around this hardware solution, we build a complete solution by complementing that with software. Software is very important. There's been a huge investment for us in the last I mean, few years, sorry. Why software is very important, because that's what you need when you bring hardware to make sure that your customer can easily adopt your technology, can easily adopt your solution into their own environment.
As you know, we've been investing, developing our software for many years. We actually, beginning of last year, decided to acquire a company called Arcapix, a very interesting company because that product, the two flagship called Pixstor and Ngenea are software components that are very, very complementary to our solution, sitting on top of our hardware and providing a complete well package, easy to use, easy to adopt solution for the market. You will see that thanks to his strategy, actually, this has been one of the instrumental decision that help us growing our business very fast last year. To conclude this high-level presentation of what we do, so the market we target are all the market, all the application where data need to be analyzed and processed in a very efficient and fast way.
Typically, all the data-intensive application, and data-intensive application actually are more and more ubiquitous in our societies, in the data centers, in the enterprise like life science, really artificial intelligence, media, telecom industry. Also another part of a business, which is called usually as edge computing, which embraces all the application where you need to analyze data very fast, where data is generated, typically in automotive, in the telecom, in what we call smart vision typically. Obviously, very fast growing markets with a huge need to have new technology and new solutions to process this huge flow of data that our modern societies create.
Let's move to what we announced yesterday, and let's move to what have been the key facts and key news last year. What we announced yesterday is a very, very good evidence that 2022 has been a very important year for Kalray as a year where we change in dimension. First, I mean, our views change has been our revenue. So you may have seen in our announcement yesterday, we announced a combined revenue of EUR 22.5 million. So beyond our target, which was EUR 20 million, which means that the consolidated revenue actually grew by 11 times to reach EUR 16.4 million. Okay.
Of course, a very fast growth and I think we explained in the last different meetings why we managed to grow and to push our revenue very fast. Let me give you a little bit more indication about what's behind these figures. First one is, which is very interesting, is to understand, okay, how much of this revenue is based on hardware, how much is based on software. You can see that, so today, I mean in 2022. A very, very efficient total storage solution. Revenue with relatively support and services. U.S. is definitely an important market for us. 30% in Europe without U.K. 25% U.K., U.K. being the historical market for the company we acquired, so Arcapix.
Then 5% for the rest of the world. A pretty balanced geography source of revenue. With mainly U.S., Europe, U.K., we start also to be deployed in the rest of the world in Asia. Behind these figures, of course, there is a lot of components that we already introduced and mentioned, so including the software. I just wanted to reemphasize that 2022 has been very important for us to push our technology, to push our product on the market.
It's also a good opportunity for me to remind that one of our product has been actually granted a very well-recognized prize at the Flash Memory Summit, which is a very important annual summit, which takes place in U.S. for our industry. It's just as an example of how, I mean, the progress we made and our capability that we conclude in 2022 to push product on the market, leveraging and embedding our technology and our core values.
Second very important news that we already shared a couple of months ago, but of course, which has been instrumental in the change of dimension of Kalray in 2022, has been the signature of what we call a jumbo contract. I mean, for those of you who were joining the last shareholder call, I mean, I already mentioned some detail about this contract, but let me re-explain where we are, what we do, and also where do we stand in terms of this contract execution today. This contract once again is the first what we call jumbo contract of Kalray. It's the result of intensive work for the last 12 to 18 months with our customer.
We are, as you know, we cannot duplicate the name of this customer. It's very, very large U.S.-based company. Just to give an indication of the size of the company, in 2021, the valuation was more than $100 billion. Okay. The need were pretty simple actually. The customer has a lot of data, and this data had to be processed in the most efficient way. And they were looking for solution to process this data. This is efficient way. The KPI was pretty simple. The KPI was a performance per dollar. Okay.
As you may remember actually, I mean, when they made the benchmark, they came to a conclusion that using Kalray solution, actually they reach a performance per dollar which is three to five times better than what is available to them in the market. Okay. Of course, this is the main driver of their decision to sign the contract with us, which is a huge contract since the deal size, potential deal size of this contract is more than EUR 100 million in the coming years. I also, I mean last time, explained what are the different phases, different stages of this contract. So let me once again resummarize the different phases and of course zoom today on where we are.
As you may remember, we signed a contract by November last year. 2023 is a year where we work with our customers so that they integrate our technology into their products. As part of it, we are developing an acceleration card with four of our chip. Acceleration card which brings the best performance per dollar for our customer, that also we will sell on the market, there is actually no exclusivity. This is well engaged. Okay? The teams are working together to make sure that in 2023, I mean, all these milestone will be reached.
2024 will be a ramp-up phase, where the customer start the pre-series, integrating a couple of hundreds of cards into the first systems. 2025 is really the volume production with expectation of several tens of millions of revenue per year with this single contract and single project. Okay. In terms of status, very, I mean, in line with and on track with what we signed. Just for information, so the revenue that we recognized 2022 associated with this contract is very small. I think we share this information, so it's little bit less than $200,000. Okay.
Of course it was not significant part of the 2022 revenue. And that's of course very in line with what we said. To you is that this type of contract are not supposed to generate massive revenue very short-term, but of course I mean, a completely strengthened visibility and credibility on the market, which is, of course, very important for our day-to-day business. The third very important topic that we announced last year, and where I want to emphasize what we did and where we are right now, is the partnership with Dell. As you know, Dell is one of the largest IT company worldwide.
We have put in place last year a strategic partnership with Dell, which is extremely important. Which is important for Dell, because what we provide Dell, and the way we complement their storage portfolio is very important for them, both with the software and with the card. Very important for us, obviously, because Dell is a great part... Actually, we spend a significant amount of time with Dell team to make sure that in terms of marketing, the Dell team has all of the marketing materials. We have also during the last few weeks started setting some what we call roadshow with the Dell sales force. Typically we had four roadshows happen in November and December. One in Au...
tends to really ramp up, the sales forces. We will have a couple of roadshow in Q1, both in U.S. and Europe. The idea is to make sure that the Dell sales force is up and running to be able to sell our solution. As you know, I mean, our solution is really part of their portfolio. We've got commission on it. It's really about ramping the team and making sure that they will push our solution with their own solution on the market. Very, very important partnership. As I mentioned to you last time, we were expecting this partnership to have already an impact on our revenue in 2022. That we confirm.
We generate already several millions of EUR in 2022 with Dell, which of course very important, shows that the partnership works well and that we already, I mean, are in a position to generate a significant revenue together. Of course, this will be increased and strengthened this year. Fourth important point in terms of change of dimension, of course, the size of the company. We share in our press release yesterday the number of people of Kalray in at the end of December. Kalray today is 188 people. Out of the 188 people, of course, we've got a great talented team of researcher, R&D engineers.
We also in 2022 built a very, very efficient business team. We have today around 50 people taking over sales, pre-sales, and support activity, which was of course very important for us to support our growth and support our business. A couple of additional information I would like to share with you, and first one being about what we call collaborative projects. It happens that we are perceived as a very important company in Europe, in France. Because of that, we benefit from significant help and funding. Of course these funding are important for us and for shareholders because they are non-dilutive way to fund our growth.
Let me, I mean, share with you a couple of projects that have been executed or been signed last year. First one is called [IP-CUBE] project. Actually is a project funded by what is called France Relance, so it's by the French administration. But has been actually covering a part of funding of our, of our late like three-point million EUR. Our second project that we actually closed which is about using our technology domain and working with large players of domain like Orange, Atos, 6WIND and Melo. Actually was funding starting last year and covering the next two years, is 2.5 million EUR.
This project has been actually complemented with another project of smaller size, which is interesting, also in 5G, because it actually gathers both French and German companies, which is interesting for us because, of course, these two countries are very active in the 5G space. The last one is about a European project called the European Processor Initiative. We're part of this initiatives, and we actually included in the second phase of this initiative called HGA2, that will bring an extra funding of a little bit more than EUR 1 million from 2022 to 2024.
I do see, I mean, a certain number of projects very, very of course aligned with our strategy, and our roadmap, that help funding in a non-dilutive way, our investment. We've got a couple of additional projects we're working on, and we will of course continue working closely with the different administration to make sure that we can benefit from these different fundings. A word about some additional project that we announced recently in a different market that we are covering. 5G again. We announced that we working with Vodafone, of course, a very well-known and instrumental player in the telecom industry. A lot of activity in the data centers.
We come back on that in the outlooks for 2023 with company like Scaleway, like TeleCloud. Also in automotive you may have seen that we have announced that BMW actually will have in concept car using our card and our chip. This concept car today actually, I mean, you can find this car on the road and highway in Germany. Of course we're very, very happy to support BMW in the different evaluation of different technologies and to develop the next generation of car. These were a few additional project that I wanted to share with you so that you've got a overall view of the activity that we've done in the last few months.
Before jumping into perspective of 2023, I will let Olivier share a couple information on the financial side. Olivier?
Second good news that we shared with you is the level of cash which is not a surprise to everyone because it comes directly from the capital increase that we made early in early December. The proceeds from this capital increase was close to EUR 24 million. In addition to that, we had the second tranche of the convertible bond that was launched at the beginning of 2022 in February. The second tranche was around EUR 4 million.
We begin this year, 2023, with a fairly comfortable level of cash as compared to the beginning, which allows us to accelerate on the development. In parallel to these fundings, obviously, the level of revenue that we reached gives us some operating cash, and we are now managing as well our working capital in line with the revenue increase. That's the second good news that we wanted to share with you. Now, we are working on the closing for the fiscal year 2022. Obviously, work is in process on this topic.
What we can confirm to you is that the combined EBITDA will be better than the one that we had in 2021. I remind you that the combined EBITDA is the combined income from the two companies, as if Arcapix had been consolidated from the 1st of January, whereas the consolidated one is from the incorporation date, which is April 15. This is a confirmation.
The next confirmation that we can give you is that the 2023 revenue consolidated, because it would be the full year, is confirmed as being around EUR 40 million, which Eric will develop in the next slides.
Thank you, Olivier. Yes, definitely. I mean, we definitely confirm our objective of EUR 40 million next year, I mean this year. Let me zoom a little bit more about this year, what we intend to do. First thing is that to show you on which market we really focus and also on the growth of this market. Typically we focus on mainly three markets. Okay. First one is around storage, growing very, very fast with adoption of new technology, like our DPUs and like also what we call NVMe type of memories. Which definitely will boost our revenue in the coming years. The second key market we are positioned is what we call HPC and machine vision.
It's about a demand for more and more AI and machine learning and data processing. There again, I mean, it's about a change of technology and adoption of DPU, which are replacing little by little traditional technology like DSP and FPGA. The third one is about telecom and mainly 5G. Of course, 5G is supposed to grow very, very significantly in the coming years. Here again, we can also, in addition to this market growth, leverage the fact that the industry is moving from traditional technology called black box to open technology, and the DPU will play a very important role in this adoption and of this new approach on the market. Having said that, basically our top priority for this year can be split into two main priorities.
On one side, definitely we want to continue growing our market print on the storage market, with both our soft and hardware solution, leveraging the different announcement, partnership that we already announced and of activities that we have. Focusing on mainly three type of customers. First one are the enterprise. Of course, partnership with company like Wistron is a great opportunity for us to be able to reach a large number of this enterprise without having to invest massively on our side in a sales force. The second type of customers are our larger customers and typically what we call the cloud service providers, all the large companies building their own private data centers.
Which are very large opportunities for us as our technology allow these actors to build the next generation of infrastructure and to build much more efficient infrastructure than what is available today. This is about storage. Definitely storage will remain the bulk of our growth in term of revenue for this year. In parallel, we will continue investing in the market we've been active for the last few years because this represent a huge opportunity to for us and for our technology. These markets are embraced under the word edge computing or compute at the edge. They are mainly about once again, a topic you know very well. We've been working with advanced customer partners for now more than one year around machine vision, 5G and automotive.
We will continue our strategy. We continue our strategy focusing on storage and edge computing and, having of course, storage market, which has been the first market we've been focusing on, more mature, generating more revenue, and then building little by little, added value and more and more value on the edge computing side where our technology, of course, very, very relevant. In term of typology of customers, for both these domain, we will continue actually addressing two type of customers. That's something we already explained a couple of times. As you realize, we have mainly two type of customer today in front of us.
One type of customer are large, what we call expert customers, willing to adopt new advanced technology with our DPU and to basically build the next generation of product and service out of this new type of technologies. As you know, these type of customers are usually long to decide, okay. As they run extensive benchmark, they compare with all the technologies available on the marketplace. At the end of the day, when they make their decision, it's very interesting for us because that means that they adopt our technology for the next generation of products. The potential impact in terms of deal size is, can be huge, with several tens of millions of EUR per year.
This is the first contract we announced is of course a very, very good example of this type of customers. Of course, obviously, we are working today with a certain number of these expert customers, having as an objective to sign a few of them this year. Second type of customers are more customer that expect a complete solution, hardware and software. For this type of customer, of course, the combination of the software that we acquired through our capital acquisition with our hardware has been instrumental to be able to bring a complete solution easy to adopt for our customers.
In that case, really the point is to leverage as much as possible this complete solution, leverage as possible partners to push our solution in the market. It's a, of course, a huge opportunity. You see that most of our revenue today are based on this type of customers. We will continue, of course, invest this type of customer to grow our revenue, to grow the adoption of our technology in the market this year. The conclusion, before opening the floor for any question, I hope that you've seen and that we proved with the recent announcement, especially those that we did yesterday, that Kalray now is in this very big, very exciting phase of scaling up. Technology is completely mature.
Technology is completely now industrialized, adopted by our customers, small customer, large customers. We are in a phase where we believe that the key challenge for us is about growth, business growth and adoption of our technology on a wider scale. We've got a complete turnkey solution. We've got, we've been able to convince very large customer, which is very important for us in terms of credibility. As mentioned, Olivier, we've got a strong cash position. Will allow us to continue investing both in our resource and in terms of our next generational product. We believe that we are in very well positioned to continue our growth and to become one of the leader of this market, which is, of course, which will be very important in the next decade. Thank you very much.
We are now looking forward to answering your questions.
Ladies and gentlemen, if you would like to ask a question, please click the Raise Your Hand button on your computer or press star six on your phone keypad and wait for us to speak to you. Mr. Benham, you can now speak.
Yeah. Okay. Hello. Thank you for your presentation, and congratulations for the publication. I have two or three questions. My first question, you mentioned many projects in Europe, four or five projects in Europe, with many subventions. I would like to know if in this year, in 2023, we will have some news about one of those main projects, news of business or milestones. Also in the turnover that you published for 2022, is it possible to have the split between the turnover that you have in term of productions and the part that is coming from the subventions? Because as we saw, you had many subventions from some European projects.
I would like to know if, in this turnover of, around EUR 22 million, there is some subventions. My last questions is about one of... I don't know if we can qualify this as a competitor where-
We all have to improve our English anyway, so it's part of the exercise, right? I think it was very clear and very easy to understand, so it's, that's fine. Thank you very much for these very good questions. I will answer to the first one, which is about the, the subvention of a grant. There is absolutely no grant in the figure we share with you. Okay? This is really turnover. This is really about what we sold to our customers. Okay?
Okay.
That's very simple answer. Okay. Of course, grants are important for us. We've got, it's a good way, a non-dilutive way, to fund our investment, but they are not at all taken into consideration and included in the figures that we share with you. Okay. The first point. Second point was about the number of projects. We mentioned that we have a certain number of projects ongoing in Europe or worldwide. Will we announce these projects? Of course we, our policy's always when possible, to announce when we sign projects, so that you've got this visibility. It's also important for us to show the value of Kalray to make this as public as possible.
Unfortunately, I mean, it really depends on the authorization, of course, of our customer. Okay. Of course, I mean, we are confident that in 2023 we will be able to announce significant projects that will show and give you evidence that of course we are making very good progress in term of market penetration, in term of customer closing and so on. Okay. The last question was I think a very good question. I would like to take some time, I want to be sure that we're talking about the same thing. My understanding is that you are referring to an acquisition made by Microsoft.
Yes. Yes.
A company called Fungible.
Yes.
We will, right? This is what you are talking about. Okay. Let me comment this acquisition, why we believe that's very interesting here. Also it's a very good way to answer to a couple of, you know, items that were part of your question. Let me first explain, I mean, who was Fungible and what happened. Fungible, you are completely right. Fungible, was, it's, you know, acquired, so was a U.S.-based company, heavily funded actually by a couple of very well-known guy from Juniper, actually, if I remember well. They raised, I think, before the acquisition more than $300 million. Okay.
It's a very good example of a well-funded company in the Bay, with great veteran people as management and very supported by the local funding ecosystem. What happened is that Fungible suggests of a design DPU and their approach and their vision of the market actually was very similar to Qarnot, okay? However, there was a big difference, is that they failed. Why did they fail? For... We tend to say two main reasons, but of course, I mean, I don't want to judge.
But whilst certainly other information I don't know, but if I look at Fungible, what happened, and the reason why they've been acquired by Microsoft for just $200 million, is because they had no customer. Because I think their product was not as mature and as well-thought as our. And second one is in term of strategy, their strategy was very ambitious in the sense that they tried to position the company as a company bringing a complete new infrastructure of data center, which I believe is very ambitious and our approach is very different. Our approach is to bring the technology, to bring the card, to bring the software components so that our customer can build the infrastructure, the next- generation infrastructure.
We don't believe that us as a company can impose to a Microsoft or to other guys, the way we should build the infrastructure. It's a very similar company in the sense in terms of the vision, in terms of technology. DPUs are important and will be important. A different approach in terms of implementation. What is the, what kind of lesson learned we can take out of that? You see that there are no customers, Microsoft acquired them. Okay, what can we get out of that? First thing that it's very interesting to see that Microsoft acquired Fungible, because Microsoft will integrate the DPU into the next generation of infrastructure, the next generation of storage infrastructure. Which I think for us is extremely positive.
It's extremely positive for two reason. The first one is that, a company like Microsoft are always very much in advance in how they adopt technologies and how they deploy technology versus rest of the industry. It's a very good evidence that DPU will be at the heart of the next- generation infrastructure in the future, okay? Very good evidence. Otherwise, they will never have acquired this company. What they intend to do with Fungible acquisition, they acquired about 200 people to develop chip for a next- generation infrastructure, which is what they usually do, the Microsoft and Google done. Okay? Very good evidence that DPU will be instrumental and will be at the heart of the next- generation infrastructure.
Second lesson learned, they paid, they wrote a check of $200 million, which I see that as very small price. Very small price, because they raised $200 million. The reality is that they had no customer. Okay? It was a fire sale. Okay? It was a fire sale for the reason I mentioned. Which mean for a fire sale, $200 million just for a few people, I mean, having started developing a process which is not yet on the market with no customers, I think it's a good price. Okay? I think it's a good indication of the value we create, that our vision that DPU will be at the center of our data center infrastructure is validated.
If a company with no customer, I mean, no product worth $200 million, how much shall we worth actually? Okay. Especially if we continue growing like hell. Okay. So this is, I think something which is interesting as a lesson learned. The last one is you were mentioning that yes, we are a European company, so we usually benefit from less funding if you compare to a U.S.-based company. But you have a very good example of a U.S.-based company who was very well-funded from very well-known investors in the Bay. And actually, I mean, we have been acquired for $200 million. We are here, and we are growing, and we are signing big contracts.
Even if we are European, even if we are maybe, I mean, we've got less facility to get funding, I think, anyway, I think we've got also very good people and very talented people. We managed to raise significant amount of money also on our side, thanks to the support of all of you. I think we are definitely today in a race where we can win.
Just to complement the first part of your answer, Eric, to so that it's clear to me. Revenue is clearly a revenue from the sales. Grants are not in the revenue. We will recognize a grant in income and as we always did, and this depends on the pace of the projects going on. We are recognizing grants on income when they are actually granted and the project is progressing. It's two different animals.
Many thanks to you for your answers that are very clear. Many thanks.
Thank you. You're welcome.
Ladies and gentlemen, if you would like to ask a question, please click the Raise Your Hand button on your computer or press star six on your phone keypad and wait for us to speak to you. Mr. Bolle, you can now speak.
Yes, thank you very much. Do you hear me okay?
Yes, perfectly. Thank you.
Hello, Mr. Bassius. Mr. Carton. I have a few questions for you two, starting with the last question that was asked to you about the Fungible example. Actually, if there was a buyer, Kalray could actually be bought by a Microsoft-like buyer from anywhere?
Okay. Let me try to rephrase what I understood. Your question is, once again, I mean, confirm that I've got it correctly, is that-
Is there perhaps in the future a potential Microsoft on the market who would be interested to acquire Kalray? Is that your question?
Exactly. Are there limitations by the license which you received from the license owner?
Okay. There is absolutely no limitation. Okay? Except the standard regulatory one, of course, as any French company or European company. There is absolutely no limitation. The scenario you mentioned is, of course, obviously a potential scenario that could happen. Okay? That's very, very frequent in our industry, having a small company, having great technology, having great product, and starting to really be deployed on the market and being acquired by large organizations who want to speed up or to basically acquire the technology for their own usage. That's definitely a potential scenario, but not the only one. We've got another one, which is of course to also to grow, to continue growing, being an independent company.
These two scenarios are possible for Kalray folks.
Okay, thank you. Because you've had these discussions with player of the mega contract and also with Dell, do you have an idea of what will be your normative profit?
Okay. First thing, we don't make any, I mean, announcement or commitment in terms of profitability and so on, because of course we want to keep some flexibility here. What we usually do is that we give you information as comparison with what our usual figures in the market in the industry. Okay? We, we usually... I mean, so what I can answer to you questions that definitely, of course, our goal is to have very significant cost and profitability structure as the key player in this industry. I encourage you, for example, that you look at the type of figures of company like Nvidia. Okay. These are definitely the type of company we can be compared with. Okay? I can confirm you that our...
I cannot say at which date, I can confirm you that our objectives is to have the same structure and same profitability as these companies.
Thank you. Your press release mentioned that you are going to use some of your cash to continue recruiting talents. Can you give us some granularity on these recruitments by missions of the people you are going to recruit? Like R&D, sales or whatever.
Okay. Of course, and actually section of their website. But, but yeah. Basically, we've got a different type of needs. One of the first one that I mentioned last time is to really complement our exec team to make sure that we have an exec team which is ready, of course, to scale up with all of us. What does it mean in terms of profile? It means having people on the operations. Okay. You need a seniority to make sure that we support our customer the best way. Of course, we will grow the number of customers, so we grow the size of the project and so on. This is very important.
The second type of profile we are looking for are more on the sales and business development side, especially in U.S. Okay. As you know, we've got about 12 people in U.S. U.S. is very important market for us, so we want to continue recruiting people there. We actually are now recruiting. We continue that. We have recruited a head of marketing for one of our division, which is based in Silicon Valley. These are important position for us to sell more and be more visible. Okay.
Then we will continue investing in our so which means that we have a, of course, start of this recruitment that will be engineers to continue developing our roadmap and supporting our customers. Once again, if you want more details, I really encourage that you go to our website and you will see a lot of details about the type of profile we are looking for.
Okay, I'll do that. My last question is not a new one to you. It's about funding and capital increase. Usually I ask you if you are going to choose a big player of the industry or if you will go to the market for a capital increase like you did in 2022, you chose the market solution. Why did you choose this solution instead of having a big player enter in Kalray's capital and maybe participate to your developments?
You know, I mean, there are pros and cons of each funding mechanism. I think it was important for us to go back to the market and to let the opportunity for new investors and also for the retail to invest in Kalray. I think we've proved being right since this fundraising has been very successful. For me, the success is not only about the amount of money, it's more about the number of new investors who join Kalray shareholders. Also new people who join Kalray as part of retail towards more than 40 financial investors. Also something which is very important for me is the coverage outside France.
We have been lucky to have investors from U.K., investors from Germany, investors from Italy. I think it's really part of our strategy to be much more visible outside France. First in Europe and then of course, later on and more and more in U.S. This are approved of this type of approach. In the past we've also, as you know, I mean, had some investment, private placement, with some corporate companies, the last one being NXP. It's also very interesting.
It has also some cons because then of course when you've got a corporate company joining, as a shareholder, their expectation also in term of the way they want to the roadmap to be driven. There are pros and cons, and I think we've shown that we're very flexible and we try to select what makes the most sense for the company at current time.
Okay. Thank you very much for your answers. I wish you and Kalray a very, very successful 2023 year.
Thank you very much.
We have a question on the chat that I can read. It's from Mr. Ezat. Could you give a little more detail around the integration of the Arcapix? I assume the Pixstor and Ngenea software products come from that acquisition. How are you going to market as a combined entity, including the Dell partnership?
Okay. That's a very good question about integration. Of course, as you all know, an integration of a company is not an easy task. It's very important. And also the rate of failure is pretty high in the industry. I've been lucky to work in large organization who made a couple of acquisitions. I've been lucky to know what needs to be done to make sure that the acquisition goes well. We've been very cautious about Arcapix integration to make sure that this acquisition and the integration is successful. First thing is that our goal, and we are very close to that today, is to have one company. Okay? The single company, and the company is Kalray. Okay.
We are, I mean, the, the team at Arcapix have been integrated and so on. That we are a single company, and it's working very well. Part of this integration, of course, there is the portfolio integration. Here the good news is that obviously our portfolio of product were very complimentary. As I told you, one of the reason why we made this acquisition was because we believe that the two product that you mentioned, which are Pixstor and Ngenea, that have been developed by Arcapix, were extremely complimentary to to our own product and that we wanted to bundle this product together and sell them. That's what we did already in 2022. Okay. Coming back on your question, integration is very important. Integration is very, very well advanced today, and...
It's about Kalray, there is one sister company what you call pixitmedia that we keep as a brand, to actually address the media space. Okay. We, as you can see today with the figure we've shown you, this integration is doing very well. I'm very happy with the status and where we are today.