Hack 'N' Slash started out as an idea during Amnesia Fortnight, Double Fine's internal game jam, and was then chosen by the public to become a fully-realized game. It stars a young elf who uses her hacking skills to cheat at an action/adventure game. We're also told there are algorithms, which we hope is shorthand for dancing alligators.
Funding for Hack 'n' Slash was achieved through a joint effort between Double Fine, Indie Fund, Humble Bundle, Hemisphere Games, make all, AppAbove Games, Adam Saltsman, The Behemoth, Morgan Webb, and Rob Reid. It's part of a two-game financing deal that also includes Spacebase DF-9, Double Fine's Early Access space station management sim.