Turbine has raised $6.6 million out a planned $50 million round of funding.  Turbine builds online games based on The Lord of the Rings, Dungeons & Dragons, and Asheron’s Call.

Turbine directly competes with Activision Blizzard, the developer of World of Warcraft.  Turbine plans to release Dungeons & Dragons Online into a free game later this year called Eberron Unlimited.

Investors in Turbine include Columbia Capital, Highland Capital Partners, Polaris Venture Partners, Tudor Ventures, and Granite Global Ventures.  Turbine previously raised $95 million.  The company has about 300 employees.

The company is even planning on announcing their first console game in the near future.  Turbine may even buy out another gaming company.

[via PEHub/alarm:clock]