ARKYD Kickstarter Backers Offered FULL Refund

This project looks interesting, but what was so special about this project that $1,500,000 USD wasn't enough?

It's a "space telescope", about the size of a 2U CubeSat. Sending a CubeSat into space costs usually around $10,000-$30,000 USD. For a 1-off project, the funds raised seem like far more than what would be necessary to pull it off.

Is anyone a backer and have more details about what went wrong?