The MySky expenditure management software for private aviation will soon be available in North and South America after US$5 million was raised to fund its expansion.
Switzerland-based MySky was founded in 2016 and reported 60% growth in the first quarter of 2020 in Europe. The company has offices in Geneva, London and Moscow.
The MySky software uses Artificial Intelligence, optical character recognition, and machine learning to optimize time and improve procurement and expense management for private jet owners, operators and consultants.
The software is now used to manage the finances of more than 350 aircraft around the world.
Christopher Marich, co-founder and global strategy director of MySky said, “We are committed to making a positive change in the highly unregulated private jet industry.
“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 capital raise was led by GMF Capital, with participation from Global Trading Group.
“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.
The expansion into North and South America will be managed by MySky’s new Head of Americas Jean De Looz.
“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.”