The interesting twist in this case is that rather than having to deal with an external publisher and become beholden to their PR and release plans, they’ve decided to be open with their funding as well, via a Kickstarter project, granting them full control.
Within 8 hours the project was fully funded and the total is still growing, having now passed $500,000 (I kicked in $100), with the deadline being March 13th. Schafer has stated that the extra money raised will go towards translation work and possibly ports to other platforms.
The whole process will be documented by 2 Player Productions via monthly video updates for backers. The current ETA for the game is October 2012.
UPDATE (2/9 8:30pm): Within 24 hours the Kickstarter has now raised a total of $1,060,271!