Westwood, Mass. - Turbine, a developer and publisher of multiplayer online games, is raising a $40 million third round of venture capital financing, led by Granite Global Ventures, PEHub.com reported.

Previous investors Highland Capital Partners, Polaris Venture Partners, Tudor Ventures and Columbia Capital are also participating.

A regulatory filing indicates that Turbine has so far called down only $25 million of the total.

Massachusetts-based Turbine, whose titles include "The Lord of the Rings Online" and "Dungeons & Dragons Online," is expected to soon announce a major shift in its strategy, although the report gives no details.

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