The little bits of the funding process that I've been able to observe tell me that you can get a round of funding on hype, but if you can't get it on hype then the investors tend to demand a better burn rate from the company. Or at least that's always the story I've heard right before the startup I or a friend worked at started making big changes.

It's entirely plausible at this point that the next time they go for more cash, they'll have to lay off 10% of their workforce to make their financials look more appealing.