Project Sora (プロジェクトソラ株式会社 Purojekuto Sora Kabushiki Gaisha?) is a Japanese video game developer founded by Nintendo Co., Ltd. president Satoru Iwata and former HAL Laboratory employee Masahiro Sakurai. It was formed in the year 2009 after the successful launch of Super Smash Bros. Brawl for the Wii console. On formation of the new company, Nintendo is listed as a 72% stakeholder while Sakurai's own Sora Ltd. and other 3rd parties made up the rest.
Project Sora's first project is Kid Icarus: Uprising for the Nintendo 3DS. In a post-E3 interview, it was revealed that Project Sora will begin work on two games in the Super Smash Bros. franchise.
Source: Wikipedia, "Project Sora", available under the CC-BY-SA License.