Midnight Star, looks to be something of a spiritual successor to the Halo games; a sci-fi first-person shooter (with some familiar imagery, judging by screenshots) for tablets.
Accel has previously invested in studios like Rovio (Angry Birds) and Supercell (Clash of Clans). A representative of the company told GamesBeat that the investment was "about the game," and that "[Industrial Toys] have a vision and focus on quality. They made their first product on a scrappy budget, but it is going to be very polished."
Seropian also commented to GamesBeat, saying that it seems "obvious" that core gamers will migrate from consoles to mobile platforms.
[Image: Industrial Toys]