The fact they are financially backed by the Australian Government (which has an approximately 0% track record as a VC) seals their doom. If they were in the US they'd have to figure out a way to produce something commercial or at least potentially commercial, now they can burn through $2M while fading into irrelevance (if not there already).
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The fact they are financially backed by the Australian Government (which has an approximately 0% track record as a VC) seals their doom. If they were in the US they'd have to figure out a way to produce something commercial or at least potentially commercial, now they can burn through $2M while fading into irrelevance (if not there already).