A number of companies have shut down some of their older, larger processes and discontinued the relevant products because it uses up more silicon than newer, smaller processes. Presumably their fab equipment will be scrapped or surplused out. If you wanted to start a low-volume premium-priced custom fab, I think the first step would be to go find that old equipment and see if you can quickly modify it to meet your needs. The real value I can see in this business model is being able to make low-volume chips, ASICs or whatever, with a lower initial investment. Sort of a like the low-cost PCB makers, only for chips! And you'd create that value by making it possible to go from design to production as easily as possible, which seems to me to be mostly a software thing. Hiring a "full-stack engineer" to develop fab tech from scratch seems to be starting out on a very long and uncertain road. I'm amazed and amused that they were able to fund this thing without apparently having a team in place.