It will be tough for them to find investors, the phone industry is a ruthlessly competitive market.
The CEO is very headstrong. That's great when you are an expert in hardware projects, but he's not. In my opinion, they are trying to do too many things, and aren't learning from their mistakes or listening to the advice of others.
The best thing they could do right now to maximize their chances would be to lay off their software team and focus entirely on the hardware. Let the community supply that part of it.