Exceeding its initial target of $950,000 (£608,000) on its first day, the project attracted donations of $1.6 million (£1.03 million) within 24 hours.
Ouya's console will be powered by an Nvidia Tegra 3 quad-core processor and 1GB of RAM, along with 8GB of internal storage. It will run Google's Android 4.0 operating system and feature WiFi, Bluetooth and USB 2.0 connectivity.
The company aims to deliver an open platform with a budget-friendly price tag of $99 (£63), that is equally cost-effective for developers to support.
Designer Yves Behar and his fuseproject team designed a dual analogue stick with a touch-pad for the machine, and a working prototype is said to be up and running.
Ouya is aiming to be available in retail stores worldwide in March 2013.
See the full hardware specs for Ouya below: