Goldman Sachs Alternatives invests $50 million in BLP Digital

(CONNECT) Goldman Sachs Alternatives is investing $50 million in BLP Digital as a growth investor, as was reported in a statement. The spin-off from the Swiss Federal Institute of Technology Zurich and the University of St. Gallen was founded in 2019 and is based in Zurich. It uses artificial intelligence (AI) to automate the processing of incoming accounts payable documents in large companies.

BLP Digital’s software extracts all information from incoming documents such as invoices, delivery notes and expense reports and automatically synchronizes it with the enterprise resource planning (ERP) system. “If everything is correct, no human needs to lift a finger,” the company states in its profile. “In case of discrepancies, the AI activates the right person on site.”

According to the statement, finance workflows are broken down into atomic tasks that are handled by specialized agents and orchestrated by a digital twin. Pre-built and pre-trained AI agents function as a single brain across many clients and do not need to be trained for specific projects.

“CFOs today do not need further technology experiments,” says BLP CEO Tim Beck, “but rather future-proof solutions that are immediately reflected in the company's bottom line. The entry of Goldman Sachs Alternatives underscores our mission”. Alexander Lippert, Managing Director of Goldman Sachs Alternatives, sees BLP Digital as ideally positioned “to become a category leader and to support companies in modernizing their core processes, increasing operational efficiency, and translating the use of AI into measurable business results.”

Roger Niklaus, Head of Accounting at Migros, explains in another version of the statement that BLP Digital offered his company “a platform right on our doorstep that brings cutting-edge AI from ETH research into our finance function”. It has introduced the platform in all its cooperatives. “The results are so good and the potential so great that we are already in the process of rolling out BLP Digital to other areas of the company and additional processes.” ce/mm