I very much feel that them referring to the need to raise funds...

I very much feel that them referring to the need to raise funds as being because...

"The Company believes that speed to market and securing commercial agreements requires additional financial resources to support multiple potential customers through their engagement and validation before the Company can generate substantial commercial revenues in the short and medium-term."

.. is in fact an admission, or realisation, that the companies they have been working with aren't coming to the party as soon as they believed they may have, and potentially those agreements are not as close as was expected , hence the need to work harder across multiples of more parties to get something across the line.

I found it very noteworthy that David commented in his last "interview" that we weren't at the front of the pack or we weren't leading the pack but we are in there (or words to that effect) - i took that as a bit of a step back in his bravado which is a positive in my opinion