Moon Beast Productions has secured $4.5 million in seed funding. 

The investment round was led by 1AM Gaming, with 1UP Ventures, The Mini Fund, Overwolf, Versus Ventures also taking part in addition to angel investors. 

The studio says that this cash will be put towards developing a new and innovative action RPG title "that challenges conventional design paradigms".

Moon Beast was founded in March 2022 by two veterans of the Diablo 2 team, Peter Hu (right) and Phil Shenk (far right). Diablo 2 co-creator Erich Schaefer joined the following year as its chief creative officer. 

"In today's challenging funding environment, we're incredibly fortunate to have investors who understand our vision," president and co-founder Hu said. 

"Our approach has always been about working smarter, not just harder. We're building reusable, data-driven systems that allow us to iterate rapidly and create more with less."

Shenk added: "We've never been content to follow the crowd. Throughout our careers, we've always pushed to redefine genres. We were there at the start, helping to invent ARPGs with Diablo and Diablo 2. In the years following, from Hellgate: London to Torchlight, and Marvel Heroes Online, we've consistently sought to expand what players expect from the genre."