Goldman Sachs Alternatives invests 50 million dollars in BLP Digital

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

BLP Digital's software extracts all information from incoming documents such as invoices, delivery bills and expense reports and compares it fully automatically with the Enterprise Resource Planning (ERP) system. "If everything is right, nobody has to lift a finger," says a self-description of the company. "In the event of deviations, the AI calls in the right person on site."

According to the press release, finance workflows are broken down into atomic tasks that are performed by specialized agents and orchestrated by a digital twin. Prefabricated and pre-trained AI agents work as one brain across many customers and do not need to be trained on a project-specific basis.

BLP CEO Tim Beck is quoted as saying that CFOs today do not need any more technology experiments, "but future-proof solutions that have a direct impact on the company's results. The entry of Goldman Sachs Alternatives as a growth investor underlines our mission." Alexander Lippert, Managing Director of Goldman Sachs Alternatives, believes BLP Digital is ideally positioned "to become a category leader and help companies modernize their core processes, increase operational efficiency and translate the use of AI into measurable business results."

Roger Niklaus, Head of Accounting at Migros, explains in another version of the press release that, with BLP Digital, his company has "found the platform that brings state-of-the-art AI from ETH research into our finance function right on our doorstep" and has introduced it in all of its cooperatives. "The results are so good and the potential so great that we are already in the process of rolling out BLP Digital in other areas of the company and additional processes." ce/mm