No surprised in the least. The system for creating new products exists for a reason. You come up with an idea, you create a prototype, and if you need help you sell it to investors who help you set up manufacturing and marketing and in return get a piece of the company. Then, after you have a working product you bring it to market. The investors had to be friends/relatives or "qualified investors" who have a net worth of at least 1 million dollars (you know, money to lose). They took some risk but if it was successful they got a return on it.
With crowdfunding, you come up with an idea and then sell it to people who may have no clue whether the idea can possibly work. IGG is built on these: Skarp laser razor, Batteriser, Triton breathing apparatus, Waterseer, Solar Roadways, Skully helmet, Airing, etc, etc. Big promises, bad engineering, millions of dollars from people who will never see a return on the investment. It isn't seeking funding, it is ripping off someone who thinks they are "pre-ordering" a product rather than funding R&D for some potential flight of fancy. Even the most successful business I can point to from crowdfunding, Pebble, is looking to sell to Fitbit for a wash after debts are considered.
As for the product itself, IF it is released it is very unlikely to provide consistent accurate results at that price. It appears that the company is realizing this and is working hard to create an app that won't require the monitor and bring in money based on chemical sales through the app and referrals to pool techs. Seems pHin is still in pre-order after over a year as well, continuing to collect free money.
Oh, I just saw that even a month ago Ravi replied to a comment on an Aqua Magazine article questioning the realism of his product. He claims the delay is because of, "the move to develop core technology that the pool industry hasn't seen before (which we've been developing for the past 1.5 years)." Ah yes, the custom technology that nobody else has access to being designed by some crowdfunded startup that will allow them to do what the experts say is impossible at their price point. Where have I heard that before? Every single one of the busted crowdfunding companies I listed above...