It will take a lot more than a single fungus to do the trick. Lactation and digestion in cows involve completely differently pathways. I am not sure why they insist on fungus, perhaps they are referring to genetically engineered yeast? Milk is primarily suspended fat in water. What is possible is to use a bacteria/microbe to convert plant matter to fat first and then use traditional industrial machinery to disperse it into water. However, you still need to find a way to remove the fiber that remains. Perhaps using a squeezer to extract the fats. All these will not truly replace real dairy, the result will be more akin to almond milk. Also, 2.5 million is absolutely peanuts. You need at least a magnitude higher funding unless you plan to outsource everything to India.

If you want an exact replica of the cow mammalian milk production process that is molecule-to-molecule compatible then you need at least two dozen tissue engineers. This is slightly beyond what a "fungus" to do.