Believe me, I have worked on and know of some technology projects that have been funded by grants. $2.4 million will not buy you much in a university based project, because that money will have to be used to pay salaries, but also various types of overhead and equipment. And if they haven't budgeted correctly, and too much money was devoted to salaries but too little to material costs, if the materials run out, the salaried individuals may just sit doing nothing at all. Private individuals and foundations are better donors to have, because they allow you a lot more freedom in distributing your budget. You aren't necessarily locked in to what you wrote up in your proposal.
What has been achieved so far, mostly by people working gratis or for very little here at Moodle on their own equipment, is worth a lot more than $2.4 million. What gets results, in my experience, is not necessarily having a lot of money behind a project, but having enthusiastic individuals involved who are commited to producing the best product possible.