I think the cash is not only for plenty of runway but also to be ready for an opportunity—a JV, a buyout of a small promising technology, a tooling investment. Cash is the lifeblood of a small company. Buybacks are for cash-rich, mature companies. 

I am glad they raised it, and when they get some great PR, like a big purchase from Foxconn or other, they'll be scrutinized. No debt and two years cash runway will look very good with a $50M purchase order from a big name.