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Red 5 secures $23M in funding, plans to launch Firefall in 2014

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Firefall developer Red 5 Studios and two shareholders have agreed to sell a 20.01 percent minority stake in the company to the Shanghai Oriental Pearl Culture Development Co. for approximately $23 million, Red 5 parent company The9 Limited announced today.

The Series B funding will allow Red 5 to stay on track with its plan to release Firefall in 2014, said James Macauley, the company's acting CEO, in a press release today.

"This is the year Firefall takes flight. The entire Red 5 tribe is focused on creating top quality content that will take Firefall to the next level and we are excited for this next stage of development," Macauley added. Macauley took over the CEO position a month ago when Red 5's board of directors ousted the previous CEO, Mark Kern.

The9 Limited announced a preliminary share-purchase agreement between Red 5 and Oriental Pearl last October, but a Red 5 representative clarified to Polygon that today's announcement represents the finalization of the deal.

Red 5 originally announced Firefall in September 2010. At the time, the studio planned to release the massively multiplayer online first-person shooter "near the end of 2011."