Moon Beast Productions Secures $4.5 Million in Seed Funding

Moon Beast Productions recently announced a successful round of seed funding, raising a total of $4.5 million. This financial boost was spearheaded by 1AM Gaming, with several notable participants, including 1UP Ventures, The Mini Fund, Overwolf, Versus Ventures, and a group of angel investors.

The studio plans to channel these funds into crafting a groundbreaking action RPG that aims to break away from traditional design frameworks. Moon Beast, which came into existence in March 2022, was founded by Peter Hu and Phil Shenk, both of whom have impressive backgrounds as part of the original Diablo 2 team. The following year saw the addition of Erich Schaefer, a co-creator of Diablo 2, who took on the role of chief creative officer.

“In this tough funding climate, we feel incredibly lucky to have backers who truly grasp our vision,” remarked Peter Hu, the studio’s president and co-founder. “Our strategy has always focused on efficiency. By developing adaptable, data-driven systems, we can innovate swiftly and accomplish more without overextending our resources.”

Phil Shenk chimed in, saying, “We’ve never been ones to simply go with the flow. Throughout our professional journeys, we’ve been committed to reshaping genres. We were there from the beginning, helping to create ARPGs with Diablo and Diablo 2. Following that, with titles like Hellgate: London, Torchlight, and Marvel Heroes Online, we’ve constantly aimed to exceed player expectations within the genre.”