in my case only stemson can helpThis guy is nice but doesn't know sh*t about how research funding works. If they knew this will lead nowhere, they would not invest at all.
What happens is that investors will continuously invest in the research as it reaches its development milestones. This allows i) a limited risk for the investors who limits their sunk costs if the research fails during its development phase and ii) less dilution for the management as each milestones triggers a greater company valuation and therefore, each new investment is less diluting than it would have been if it were a one-shot investment at the very beginning of research.
In addition to that, there is no financial player in the industry keen to invest 15m€ in what he perceives as a busted tech. 99% of the times, funds have ticket size limitations (i.e. a min and max of investment size). This prevents the fund to invest insignificant amounts. Investments funds are very pragmatic when it comes to money, believe me.
My point is not to say this will be a success but that there is nothing, if not good news, to conclude from this funding round.