MySky secures $5 million in new funding to expand into the U.S. market and grow its AI-powered spend management platform
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. Enter MySky, the only spend management platform designed for the private aviation industry.
The Lausanne, Switzerland-based tech startup is a revolutionary financial controlling and benchmarking tool for private jet owners that optimizes time & money spent on their asset. MySky 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.
Today, MySky announced it has closed $5 million in funding to help bring order to unregulated private aviation on an international scale as MySky enters 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. Additional funding come from Global Trading Group. In conjunction with the funding, MySky also announced Jean De Looz as the Head of Americas.
Founded in 2015 in Christopher Marich and Kirill Kim, My Sky is an independent expert in private aviation that empowers jet owners across the globe by providing them with a revolutionary financial controlling and benchmarking tool to optimize time and money spent on their asset. My Sky’s innovative IT platform collects, digitizes, verifies, analyses and stores all financial information and allows instant access to the information that matters.
The concept of My Sky was developed in 2014 by two entrepreneurs active in private banking and private aviation. Since its public launch in August 2015, My Sky has convinced an exponential number of business aircraft owners in Europe and CIS. The company is headquartered in Switzerland and currently employs over 80 experts, including in-house auditors, analysts and IT specialists
“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 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.”
“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.”