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In a tech/biz duo his role should be to raise money and find clients so you can focus 100% of your time on development. If for you both raising money and finding clients carries very little overhead then the rationale for splitting equity can indeed be harder to justify.

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I'm not sure if ego is playing into it, and I dont think he is necessarily "underperforming", but its getting hard to accept the terms of the deal. Even with the money we have raised, I feel as though I am handing over my very hard won software skills to someone for free. Is this rational? Maybe its just this stage of the company that has this dynamic

For what is worth, I have seen first hand two instances of the same situation, where one cofounder was heavily technical and it was plainly obviously that the other one, who had an accomplished business pedigree, was not doing much in terms of leveraged activities. In both cases the cofounder got kicked out, via coordinated action/pressure from investor+technical cofounder.

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