Generics is really designed to work with types which are known at compile-time on the calling side. (The type argument can itself be a type parameter as far as the caller is concerned, of course.)
Otherwise, you're stuck with generics - you'd get the MethodInfo associated with OtherClass.Deserialize, call MakeGenericMethod using objectType as an argument, and then call the resulting method.
var method = typeof(OtherClass).GetMethod("Deserialize");
var genericMethod = method.MakeGenericMethod(objectType);
object result = genericMethod.Invoke(null, Data);
Note that this won't return a T though. It's not clear why your MyFunction method is generic if you're not actually going to use the type parameter.