The game is called Red Ash: The Indelible Legend, and will be a 3D action adventure that serves as a spiritual successor to Mega Man Legends. In fact, much of the key members from the team that worked on the original games in that series have been brought back for work on this project.
Alongside the announcement of the game's Kickstarter was another Kickstarer for an accompanying anime. It's called Red Ash Magicicada and is being crafted by Studio4°C.
The anime has currently reached $56,610 of its $150,000 goal and the game has amassed $244,478 of its $800,000 goal. Both projects have 28 days to go.