Non competes can definitely be enforceable in California for executives and those with fiduciary responsibilities to a company.
They’re just not enforceable against “rank and file” employees.
The only situation I know of is during a sale of business if the seller agrees. Which is clearly not the case here.
Is there any IP that's actually valuable without the team ? I sincerely doubt it.
The whole point of funding a company is for the company to build IP that makes the company valuable. Founders can't take investor money and then just go start another company -- that's specifically barred in most docs. There have been a lot of these weird "loopholes" lately that are completely against the spirit of company building.