Magentic targets a costly industrial-procurement problem: fragmented contracts, supplier data, invoices, and ERP records leave unfulfilled supplier obligations leaking roughly 2% of spend, while its Mages search the evidence and act on savings opportunities. The $23.5 million raised is being used to scale this approach, and the company reports that one customer runs more than one million orders a year through its agents, another found $4 million in savings, and its Global 500 customer base typically sees 2–5% savings and a 60% lift in data quality.