Android-powered low-cost console Ouya has passed its funding goal less than 12 hours after beginning its Kickstarter campaign.

The project has flown by its US$950,000 (AU$932,787) target, and still has 29 days remaining in its funding drive.

As of 8:30 this morning AET, 10,024 backers had provided the start-up with US$1,255,704 (AU$1,232,952).

"We were totally psyched to reach our goal at 2pm. It took us seven months to raise a little bit of investment from generous friends and family, and we raised the rest on Kickstarter in eight hours. We are just floored,” said Ouya founder Julie Uhrman.

"We thank the more than 7,600 backers who have supported us so far, and the rest yet to come. The next 29 days are about raising the bar: how much can we change things? We're going to hang on tight for the ride!"

According to the console’s Kickstarter page, the money will be used to convert the prototype into a production-ready model, as well as pay for regulatory approvals, developer kit delivery, production orders, and some initial game development.

The company expects to ship its first consoles in March of next year.