NEW YORK, June 2, 2020 /PRNewswire/ — MySky, the only AI-powered spend management platform designed for the private aviation industry, today announced the closing of 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% growth in the first quarter of 2020. With offices in Geneva, London, and Moscow, and a new office in New York, MySky is pleased to officially introduce its platform to the Americas.

For years, 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 standardize prices and establish order. MySky, the only spend management platform designed for the private aviation industry, solves this problem with proprietary IT tools, cutting-edge artificial intelligence, optical character recognition and machine learning (ML). This industry-leading platform provides private jet owners, operators, and consultants with the tools needed to optimize time and improve procurement and expense management, offering more control and visibility on how money is spent. The company’s unique position as an independent, third-party player has established it as a trusted partner for all industry stakeholders.

“At MySky, we are committed to making a positive change in the highly unregulated private jet industry,” said 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 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 leading 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,” said 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,” said 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,” said De Looz. “MySky is a pioneer for change in the private aviation industry and I look forward to working with the team to infiltrate the Americas’ market, and make a long-lasting impact.”

To learn more about MySky, visit https://mysky.com/.

About MySky
MySky is the only spend management platform developed for the private aviation industry. Using AI, optical character recognition, and machine learning, MySky brings standardization and transparency to an unregulated industry. The platform, a proprietary financial management solution, helps to decrease costs and optimize time for private jet owners, operators and consultants. Active for more than 5 years and servicing more than 350 aircraft worldwide, MySky operates as an independent, third-party player and offers the largest cost database in the industry. The company is headquartered in Switzerland and is active in Europe, the Americas and the CIS. For more information, please visit https://mysky.com/.

About GMF Capital
GMF Capital is a privately-owned alternative investment company founded and led by Gary Fegel.  Prior to this Mr. Fegel was a Senior Partner at Glencore Plc., one of the world’s largest commodity trading and mining companies where he was responsible for the global aluminum business. For more information, please visit http://www.gmfcapital.com 

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SOURCE MySky