I don’t think it is a fraud. My read is that it comes from genuine chess-loving engineers who have limited entrepreneurial experience and made some representation mistakes in their enthusiasm.
If the video is “real,” I still doubt that it works as well as they show. I can almost guarantee it is more buggy than that.
I have dabbled with some similar designs in my garage years ago with the same goals. I felt sure someone would create a coil grid chess board eventually. It is what I hoped the Square Off would be when it was first announced. I am glad they are at least talking about turning the concept into a product. Piece ID and eliminating the mechanical XY positioner open up a lot of possibilities. They are basically shooting for a faster, quieter, sleeker, tournament-size version of the Square Off board with some neat additional features. If not Regium, someone else needs to produce it. It is certainly possible from a technological perspective. Whether the final result will be affordable or whether Regium will get enough early investment funds to perform the necessary design iterations to make it a market success are unclear.
Regium hit me up. Got some ideas for you.
notveryclever would be a little more appropriate.