Moon Beast Productions Secures $4.5M in Seed Funding

Moon Beast Productions recently secured a hefty $4.5 million in seed funding. This round of investment was spearheaded by 1AM Gaming and saw participation from several other players in the industry, including 1UP Ventures, The Mini Fund, Overwolf, Versus Ventures, alongside some angel investors.

With these funds, the studio is venturing into the development of a new action RPG that aims to shake up traditional design norms. Moon Beast, established in March 2022, was founded by two seasoned Diablo 2 team veterans, Peter Hu and Phil Shenk. Adding to the powerhouse team, Diablo 2 co-creator Erich Schaefer took on the role of chief creative officer just a year later.

“In this tough funding climate, we’re really lucky to have backers who get what we’re about,” noted Peter Hu, the president and co-founder. “Our strategy focuses on working smarter rather than just harder. We’re crafting systems driven by data that let us innovate quickly, doing more with less.”

Phil Shenk chimed in with, “We’ve never been one to blend into the crowd. We’ve spent our careers pushing the envelope in redefining genres. Back with Diablo and Diablo 2, we were at the forefront of crafting ARPGs. Since then, from Hellgate: London to Torchlight and Marvel Heroes Online, we’ve eagerly looked for ways to exceed player expectations in the genre.”