I don't have data but I have a feeling they made the mistake of acting like a corporation while they were a startup.

When you do that, you spend $100M.

Raising $100M is OK but you must save it and wait until you are sure the market is picking up.

You should act very nimble. Possibly a very thin management layer, %90 engineers. Near zero marketing and attendance to marketing events. Just silent focus on IP.

Like I said I have no data and probably some substantial amount had to be spent in HW manufacturing, but it feels like they overspent the money, and acted without being sure the time has come for the market.