Moon Beast Productions Secures $4.5 Million in Seed Funding

Moon Beast Productions has successfully raised $4.5 million in seed funding, marking a pivotal moment for the studio. The funding round was spearheaded by 1AM Gaming, and saw contributions from 1UP Ventures, The Mini Fund, Overwolf, and Versus Ventures, along with several angel investors.

The influx of cash is earmarked for the development of an innovative action RPG that aims to break away from traditional design molds. Founded in March 2022, Moon Beast is the brainchild of Peter Hu and Phil Shenk, both veterans from the Diablo 2 team. They were later joined by Diablo 2 co-creator Erich Schaefer, who came on board as chief creative officer.

“In this tough funding climate, we feel incredibly lucky to have investors who get what we’re aiming for,” said Peter Hu, the president and co-founder. He emphasized that their strategy is to work smarter by building adaptable, data-driven systems that enable rapid iteration and efficiency.

Phil Shenk expressed a similar sentiment: “We’ve always been about challenging the status quo. From the early days of Diablo and Diablo 2, to later projects like Hellgate: London, Torchlight, and Marvel Heroes Online, our mission has been to expand what players anticipate from the genre. We thrive on pushing boundaries and redefining what’s possible.”