Goldman Sachs’ Alternatives Arm Buys Stake in Swiss AI Firm BLP
(Bloomberg) — A unit of Goldman Sachs Asset Management invested $50 million in BLP Digital, a Swiss artificial intelligence company that helps companies automate financial processes such as invoicing and internal reporting.
Goldman Sachs Alternatives is buying the stake from existing shareholders, co-founder Tim Beck said in an interview. Goldman Sachs and BLP didn’t disclose a valuation for the company.
“Over roughly the past six months, we’ve seen a real shift — the market now understands what this technology is and is actively moving in that direction,” said Beck, a German engineer who founded the company with his brother Sven in 2019. “We’re currently growing at over 100% annually.”
Both investors and enterprises are growing more interested in applying AI to core corporate functions. For Goldman, the deal is a bet that demand for AI-driven finance operations will accelerate as companies look to improve efficiency and control over cash flow and working capital.
While Switzerland’s technology scene has yet to see the mega funding rounds of the US or some European countries, it has carved out strengths in so-called sovereign AI — building systems and infrastructure under local control such as another ETH spinoff, Alpine AI, which raised seed funding this year.
Goldman Sachs Alternatives’ growth equity team has invested $13 billion in fast-expanding technology companies over the past two decades.
BLP Digital was spun out from Swiss university ETH and has largely funded itself rather than raising external capital. The company’s technology uses so-called AI agents to handle tasks such as invoice processing and financial closing, replacing older tools like optical character recognition and robotic process automation.
As part of its international expansion, it aims to grow its workforce from about 150 employees to 260 by year-end and to around 500 in 2027.
“We want to establish a strong foothold in the US,” said Beck. “Our ambition is to capture a significant share of this market.”
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