The studio has turned to the crowdfunding network to raise $400,000 (£247,882) as a minimum to finish development. In its first day, the project has already reached over $73,000 (£45,234) of its goal.
"We're a modest-sized indie developer - around 50 trapped souls - and we've already invested well over a third of a million dollars getting the rights back and beginning design and prototyping," Stainless Games says on the game's Kickstarter page.
"This represents all of our profits from our other work - but we think it's worth it. We currently have a small team working on the project - but without some sort of dedicated funding, that can't continue indefinitely.
"Now we have our baby back, we really don't want to have any creative control of the new game wrestled from us by a corporate investor, a publisher, or space aliens trying to subvert humanity using subliminal messaging in video games."
Announced in June last year, Carmageddon: Reincarnation is a reboot for the over-the-top car combat series that originally sparked controversy in 1997.
Stainless Games is planning an iterative release for Carmageddon: Reincarnation, with the first release scheduled for February 2013 if the Kickstarter goal is met.
Watch the Carmageddon: Reincarnation Kickstarter pitch video below: