According to Tyler Turett on Instagram, the series Velma is in production now! It's not clear if the picture above is the animation for the series, but I'm leaning towards assuming it is not. Hopefully this means we'll get more info about the series soon!
The lead character designer, Adam Fay, also posted on Instagram confirming that production began for the show on June 1. Adam confirmed that the image on his post wasn't the official animation of the show, so I would presume the other one is not the official animation either.
Update: There's also this post on LinkedIn stating that WB is hiring for a storyboard artist on Velma, meaning they must be in a very early production stage!