The Ouya Android-based gaming console that was seeking funding on Kickstarter has been fully funded and will head into development. The project for the funding of the $99 console was able to rake in over a quarter million dollars in just a few hours!

The unique concept behind the Ouya (other than it is Android-based) is that every unit is a development box and it can be rooted to develop upon without breaking the warranty. The idea behind this is that publishers will be attracted to the platform where there are no licensing fees, retail fees, or publishing fees.

The Ouya will be powered by the NVidia Tegra 3 Quadcore processor with 1GB of RAM and 8GB of Internal flash. Connection to the TV will be made over HDMI, and the unit supports 802.11 b/g/n Wi-Fi and Bluetooth 4.0 for connectivity, along with a single USB 2.0 port. The system will include a controller that has a touchpad and will be powered by version 4.0 of the Android OS.

The unit will be able to play Android compatible games, but the developers on the Kickstarter project are hoping that if popular enough AAA developers will start developing for the platform. A number of big name developers have voiced a combination of interest and support for the platform, but that does not alone equal actual titles.

Analysts that we spoke with have mixed reactions to the announcement and the likelihood of getting AAA titles to the $99 Android-based platform. “I think that they are going to have to sell a significant number of units right off the bat to get the attention of developers, and then it will likely be the smaller developers who already have Android titles that will try it first; and only if they are successful will bigger developers even consider it,” one analyst told us. “They have a long way to go to show that it is a viable platform where developers think that they can make money developing for it, and they are going to have to get install numbers before we will see any movement from the big guys,” another analyst told us.

We will see what happens next, but this is one console concept we think you should at least have a look at. With over 15,000 folks funding it and the fact that it has already raised more than enough money to fund it, let’s hope that it is something that can’t be ignored.

Check it out here.