Artificial intelligence (AI)-powered spend management platform MySky has raised $5m in new financing round.

The latest funding was led by New York City-based private investment management platform for private equity, real estate and alternative investments GMF Capital.

Global Trading Group also took part in the funding round.

The investment will enable the company to expand its operations and technology into the Americas.

MySky co-founder and global strategy director Christopher Marich said: “At MySky, 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 to 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.”

Headquartered in Switzerland, MySky provides tools to private jet owners, operators, and consultants for procurement and expense management.

The company has offices in Geneva, London and Moscow, as well as a new office in New York. It is planning to officially introduce its platform to the Americas.

In a separate development, MySky selected Jean De Looz to head the Americas. De Looz will work for the growth of the company in the Americas, especially the US.