I don't think it's fair to make a comparison across geography. There are too many variables, such as cost of living and the employment market that may affect overhead. You can definitely make a case for whether or not starting a company in the Valley is a good idea given high costs, but that's a different argument that's also been done quite a few times over.

For example, it would be similar to me claiming your burn rate of £95k is extremely high because I'm based in India and pay my developers £7 per hour.