Valuation is meaningless from the perspective of analyzing if a company has been a success or a failure. Valuation concerns the players who sit at the poker table and how each and everyone of them managed to fare during the game. The table being the company and the players being the investors.

The OP is right in accounting funds raised vs. losses incurred as the metric to watch for.

The funds raised belong mostly to public pension/private funds and insurance companies, with the intermediation of PE/VC funds.