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If Valve ends up making a sequel to Portal, they'll have to do it without the game's lead designer. Kim Swift left the company recently to join Airtight Games.
Airtight told Develop that Swift will "build and lead a team in the development of games aimed at a more diverse audience." No specific projects were announced.
Currently Airtight is developing Dark Void, a PS3/360/PC vertical combat shooter. It will be released on January 12th. It's their first commercially release game since being founded in 2004.
Swift revealed in February 2008 that Portal 2 was in development. Plot details for the game were leaked through voice casting auditions. It's been awhile since we've heard anything about the project, though, so there's no telling how far along it is.