I have been following this for some years.
It is both depressing (as I am trying to create a shmup myself) and exciting (want to get my hands on it)
It looks like it is nearly ready to ship.....
basically it is a shmup creator developed by pros on the side (they work for big games companies like ubisoft and crytek)
https://forums.tigsource.com/index.php?topic=42404.0