The infrastructure to rapidly iterate and manufacture just isn’t here anymore, so everything costs significantly more to the point where we’re noncompetitive. Even VCs with no experience see the top line numbers for hardware startups and nope out.

Contrast this with biotech venture capital which has been doing well for decades, often investing more capital in a year than software VCs. The difference is that all the research, clinical trial, and manufacturing expertise is already here and concentrated in a few localities like South San Francisco, San Diego, and Boston.