Yes 1,7 millions is a very good amount, the period is very hard and most of ico projects dont even raised funds. I think even if the soft cap is 5 millions dollars, if in the end its not reached, it could be good if the team decides to continue even with these funds.
I'm much more inclined to believe that its up to the team's capacity and dedication to push through with the project even with minimal funding. just like the old saying goes " if there is a will, then there is a way".

Last time they said that they will return the money to respective beneficiaries if they dont reach the sofftcap. But i dont know if that thing is already fixed or it will still be considered.