There are two ways to interpret their funding goals: based on projected cost and based on projected backers. 1.5 million dollars may not be very much money for smartphone development, but it is very ambitious as a crowdfund goal. It basically requires around 2500 backers ($1.5MM / $600) to pay $600 out of pocket for a device that, at best, will be delivered in 18 months.

Given the success path of most hardware kickstarters, I'd be surprised if this fully funded. The price point is relatively high (even though it is a whole phone, I get that, it is just a lot of money). I'd also be surprised if it actually delivered in 18 months. That's basically saying: "we have the design all done and are in our final mass production engineering phase right now". I mean, if you follow any prior hardware kickstarters that include significant production parts (pebble, keyboardio to name just two), the one major lesson is: mass production takes a ton of time and money to get right.