CHip will get more valuation/investment because their business need more money (design, testing, manufacturing/outsourcing ..). One case I knew of get 3.5mm at seed stage.
Software will be difficult to get that much evaluation (>3MM)at seed stage, because we all know most software/system don't worth that much!! Especailly at seed stage when you may only have a barely working prototype.
The P2P firm I was refering to already passed seed stage (with their own money), they need more money on other things such as marketing, sales channel etc. 5MM is for their first round investment..
I was told it is difficult to get more than 50% from VC (not angel) because many of them want active control of the company
