Originally the name of the project comes from “New Heroes of Might and Magic” in Quenya (approximately “Vinyar Callor Meletya Ingole”, but it needs prepositions and a few other fixes). I hope Tow won’t kill me for revealing it ;).
One good thing about this name is that it’s quite unique (when I type VCMI in google, all results on the first page are related to our project). Anyway, we could pronounce VCMI as two syllables (e.g. vec-mi - like in ‘vector’ and ‘mine’). Could you think of a better expansion that produces two syllables? Then it could be advertised as suggested pronunciation.