General Magic, a Toronto-based artificial intelligence company, has closed an oversubscribed $7.2 million seed funding round led by Radical Ventures. The capital injection will support the expansion of the company's SMS-based AI agent platform, which automates key insurance workflows including pre-quote preparation, quote generation, and post-quote claims coordination.
The platform has demonstrated measurable operational improvements across early deployments with major insurers. General Magic's technology reduces the time required to generate insurance quotes from approximately 30 minutes to under three minutes, while simultaneously cutting inbound call volume by 30 percent. The solution deploys within three minutes and delivers an estimated 250 hours of monthly time savings for insurance teams by automating routine coordination tasks.
The oversubscribed funding round reflects investor confidence in AI-driven solutions targeting operational efficiency within the insurance sector. General Magic's technology addresses a significant pain point in the insurance customer journey, with rapid deployment capabilities and quantifiable productivity gains positioning the company to capture market share in the insurance automation space.