Web-based development tools company 7th Level Inc says it has closed on a $10m private placement to finance the rollout of the company’s new Agent 7 tool. The financing consists of $4.5m of convertible exchangeable debt and $5.5m of convertible preferred stock. The Dallas-based company says the financing, combined with recently-implemented cost cutting measures, should more than cover the ramp-up and launch of Agent 7, which was announced last month. The product is designed to facilitate the streaming of interactive animated characters over the internet which can serve e-commerce related functions such as a site navigational host, site salesperson, customer support attendant and product training agent. 7th Level says it’s already signed a distribution agreement with RealNetworks Inc which will see RealNetworks distributing Agent 7. It also has deals in place with web broadcaster AudioNet Inc and WavePhore Inc’s WaveTop division.
