Moon Beast Productions Secures $4.5 Million in Seed Funding

Moon Beast Productions has successfully raised $4.5 million in seed funding.

This funding round saw a leading contribution from 1AM Gaming, with significant support also coming from 1UP Ventures, The Mini Fund, Overwolf, and Versus Ventures, along with several angel investors joining the effort.

The studio announced that the funds will be directed towards the development of a fresh and groundbreaking action RPG that aims to challenge the typical design norms in the industry.

Established in March 2022, Moon Beast was founded by seasoned developers from the Diablo 2 team, Peter Hu and Phil Shenk. Erich Schaefer, a co-creator of Diablo 2, came on board the following year, assuming the role of chief creative officer.

President and co-founder Peter Hu expressed gratitude for the support, noting, “In today’s tough funding landscape, we feel incredibly lucky to partner with investors who truly grasp our vision.”

Hu elaborated on their strategy, emphasizing innovation: “Our methodology emphasizes efficiency over mere effort. We are developing reusable, data-driven systems that enable us to iterate quickly and deliver more with less.”

Phil Shenk also shared his perspective: “We’ve never been ones to simply go with the flow. Throughout our careers, our goal has always been to reshape genres. We were there at the inception, contributing to the creation of ARPGs with Diablo and Diablo 2. Over the years, through projects like Hellgate: London, Torchlight, and Marvel Heroes Online, we’ve consistently aimed to broaden players’ expectations of what’s possible in this genre.”