It’s always great to hear that money flow in to blockchain especially when it comes from institutions such as IBM or Comcast. Regarding your question, I think that traditional or institutional investors know Venture Capitol, it has a history unlike ICO and also because ICO’s are extremely high risk investment so they prefer to go with VC. However, It doesn’t end here. VC provides not only the capital, but professional management  and advisory which could allow the company grow at faster rate. To me, the best solution would be combination of VC and ICO. But that’s my opinion.