If the plan was always to do the demo and then raise at a higher...

If the plan was always to do the demo and then raise at a higher price, why raise now at a discounted price?

I don’t accept that FB and EM would be allowed to invest more at this point without prior public disclosure about the successful demonstration. A private demo followed by a discounted raise to those involved doesn’t pass the sniff test.

That leaves imho only one valid option, being that more money is needed to get to a successful demo.