Generate, the Santa Monica-based multi-platform video production and talent management firm co-founded by Jordan Levin, the former CEO of The WB, has received $6 million in its first round of funding. The round was co-led by Velocity Interactive Group, the digital-media investment firm headed by Ross Levinsohn and Jonathan Miller, and MK Capital.

The firm, which has been billing itself as the next version of a talent-agency-crossed-with-a-digital-production-studio, will use the money to move beyond its current exclusive deal with MTV Networks (NYSE: VIA). It was founded in 2006, and has been working on a slate of self-financed online series includes the comedy Home Purchasing Club for VH1’s Vspot and TV series like “The Andy Milonakis Show” and “Wonder Showzen.” The company is currently prepping the first season of “Somebodies,” BET’s first original scripted series.

As part of the financing, Levin, till now a partner, will become CEO of Generate. Founding partners Dave Rath and Kara Welker will continue to run the management arm of the company, along with partner Jared Hoffman who joined Generate last January from CAA. Partner Ivana Ma will be President, New Media, overseeing all digital activities.

The company competes against the likes of other hybrid digital studios which also work as financiers and/or managers of talent. Certainly 60Frames, also based here in LA, is one. To some extent, Deca, also based in LA, is somewhat competitive, so is ManiaTV, which moved recently from Denver to LA. Only Generate is not trying to build a destination site and the talent management side is something others don’t dabble in that much.

I spoke to Levin a month or so ago, right before the writers’ strike ended, where he talked about how audiences are moving online, and the next generation of online entertainment. Below is the short 5-minute video (RSS readers will have to click through):