"These funds" mean all the tokens sold on the crowdsale or just mean the tokens hold by the team and spectiv site?
It refers to funds received from the crowdsale. This is to ensure token purchasers that their funds are being used specifically for development and cannot be unlocked unless development has been achieved.
I see. Is that means all the ICO tokens buyers will get their coins over three separate period? For example, 1/3 immediately, 1/3 after milestone 1 and the left in milestone 2.
No, what it means is that the Dev team won't get funds released to them right away to protect investors in case things don't work out.