Austin-based studio Portalarium has announced the start of a fresh round of fundraising in order to enable the developer to also publish its first game, the MMO Shroud of the Avatar: Forsaken Virtue. The spiritual successor to the successful Ultima series of fantasy RPGs created by Portalarium founder and CEO Richard Garriott, the development process is nearing completion and the game be available for commercial release in the coming months. Shroud of the Avatar already has 150,000 registered players in its Early Access phase.

Portalarium is seeking to raise up to $2 million through an equity crowdfunding campaign on SeedInvest. Also known as regulation crowdfunding, it provides investors with a share in the company during its startup phase. The company has set the minimum investment at $500 per investor, while its minimum target amount is $500,000.

As part of its required disclosures, Portalarium revealed its current valuation of $25,000,000, a little more than double the $11.6 million in crowdfunding that has made Shroud of the Avatar the second highest fully crowdfunded game in history. More importantly, the company also acknowledged they would require additional funding after this offering is completed in order to finish the development and then launch Shroud of the Avatar.

“We are forever grateful to our backers under our current funding campaign who have helped us reach levels of support that we never dreamed of having,” said Garriott. “That support has helped us develop Shroud of the Avatar to where it is today. And with a commercial launch now in sight, it’s time to focus more on marketing and user acquisition as we scale up our player base and the service. It’s also a chance for our supporters to invest in our company as we take this next critical step with equity crowdfunding.”

Portalarium has already struck an international publishing deal with Moscow-based Black Sun Game Publishing. By the terms of the deal, the Russian company will publish and operate Shroud of the Avatar in Russia, the Commonwealth of Independent States, and the Baltic States.