Itagaki will serve as the studio's CTO and oversee the game division. Fellow ex-Tecmo employee Satoru Kanematsu owns the studio.
Details on his first project at Valhalla are light, but Itagaki does mention being interested in PC development in addition to consoles. On the game itself, in typical Itagaki fashion, the title will be "a little bit like nothing anyone has ever seen."
Last week, it was revealed that Itagaki settled with Tecmo and it appears that the designer is back to making games.