AI-powered spend management platform MySky has closed a $5 million capital raise led by GMF Capital, with participation from Global Trading Group. The investment will enable the expansion of MySky's operations and technology into the Americas under the direction of the new head of Americas Jean De Looz.
Since its launch in 2016, MySky has experienced rapid success in Europe, reporting 60 per cent growth in the first quarter of 2020. With offices in Geneva, London and Moscow, and a new office in New York, the company is pleased to officially introduce its platform to the Americas.
For years, according to MySky, the private jet industry has lacked financial consistency and transparency, causing widespread confusion, inefficiencies and avoidable costs. As economic uncertainties abound due to COVID-19, it has become increasingly important for the industry to standardise prices and establish order. MySky looks to solve this problem with proprietary IT tools, artificial intelligence, optical character recognition and machine learning. The platform provides private jet owners, operators and consultants with the tools needed to optimise time and improve procurement and expense management, offering more control and visibility on how money is spent. The company's position as an independent, third-party player has established it as a trusted partner for industry stakeholders.
“At MySky, we are committed to making a positive change in the highly unregulated private jet industry,” says Christopher Marich, co-founder and global strategy director of MySky. “As we approach a market downturn due to recent world events, we are able provide our clients with the tools they need to manage their assets more effectively. Our successful ramp up in Europe has made clear that owners and operators see immense value in our product, and we are excited to introduce our platform to the North American market.”
The funding round was led by New York City-based GMF Capital, a private investment management platform for private equity, real estate and alternative investments.
“The MySky platform brings unique value to the private aviation industry, and will undoubtedly improve the way owners and operators manage their private jets and fleets,” comments Gary Fegel, founder of GMF Capital, who is also joining MySky's board of directors to assist with the company's strategic planning. “GMF chose to invest in MySky because we believe in the company's mission to bring financial transparency and order to the jet industry, and are confident that MySky will be just as successful in the Americas as it has been in Europe and the CIS region.”
Additional funding come from Global Trading Group.
“MySky is a clear game-changer for stakeholders in today's aviation industry, and we are proud to support its mission to bring order and consistency to a space that remains largely unregulated,” states Global Trading Group principal Kamil Kasumov.
During this pivotal moment, MySky is also welcoming De Looz as head of the Americas. De Looz will apply his expertise in selling and managing private aviation services to spearhead MySky's growth in the Americas, with a particular focus on the U.S.
A seasoned sales and operations executive with more than 14 years of experience in the business aviation industry, De Looz has a wide scope of expertise spanning flight operations, aircraft charter sales, OEM aircraft sales and asset management. De Looz's leadership skills are further elevated by his experience as a commercial aviator and instructor pilot.
"I am excited to be joining this innovative and much-needed company during a time of pivotal growth as well as a period where spend management has become a necessary tool during the economic downturn,” De Looz says. “MySky is a pioneer for change in the private aviation industry and I look forward to working with the team to infiltrate the American markets and make a long-lasting impact.”