I think it's more a matter of there not being any VCs who specialize in fusion. There just isn't the deal flow to sustain any VC specializing in it, and so far the success rate has been 0%. Of course, because there are so few fusion startups (lets see, I can think of less than 10 in the past 25 years), its hard to know what the real statistics are: is the chance of failure 100% or really just 99%?

From the point of view of a fusion startup, if you try 100 software VCs, you might find 2 or 3 who will be interested. However, you will wait forever if you want to find a VC specializing in fusion.