The ex-GRIN developers have named their new studio Whiteout, set up shop in Sweden, and turned their attention towards "digital markets".
They're building their game using Crysis developer Crytek's engine Cry Engine 3, GamesIndustry.biz reports.
"We've got some very exciting concepts under development," said co-founder Joel Fagerlund.
"We are currently working on a bigger project in Cry Engine 3, and thanks to the excellent technology and support from Crytek, we have been able to carefully handcraft a playable prototype that will knock your socks off."
"At GRIN, we saw the community's extraordinary response to Bionic Commando: Rearmed," added Fagerlund.
"Couple that with the fact that new releases such as Limbo and Joe Danger have been so well received, we know that the digital marketplace is vibrant and thriving."