You're right to be suspicious. If they wanted to genuinely...

You're right to be suspicious. If they wanted to genuinely commercialise, they'd be chasing $7m+. They should be setting aside $5m for inventory and marketing and $2m for running costs which is still a shoestring budget but can work with a decent product.

$3m after running costs probably leaves less than $1m for inventory and marketing. What a waste of time.

In my opinion they're not serious about trying to get Felix off the ground with $3m. It's more likely these funds will basically be used to pay themselves and keep the lights on for 9-12 months before they do it all over again with another raise to fund "The real commmercialisation this time" then rinse and repeat for another 2 years