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calling ICO-LUX +49 3641 92 90 988 writing an e-mail info@ico-lux.com

ICO-LUX is funded by the Free State of Thuringia from the European Social Fund Plus (ESF+)

 

How long has ICO-LUX been in business and what can the software products do?

ICO-LUX GmbH was founded in July 2018 and develops software for automated fraud detection on receipts. Large companies, such as private health insurance companies, are faced with the problem that it is not possible to manually check documents (such as pharmacy prescriptions) due to the high number of documents. There are also no automated processes for checking documents that provide feedback in real time. As a result, companies suffer millions in fraud losses every year. The software developed by ICO-LUX is able to perform an authenticity check based on image data.

How was and is ICO-LUX supported?

In addition to numerous customers and development partners from the private health insurance sector, ICO-LUX was able to attract partners specialising in document processing. Thanks to funding from the ESF and the Free State of Thuringia, we were also able to recruit another permanent employee in addition to the existing nine employees, who is dedicated to developing and implementing a scaling concept to broaden the customer base for our AI-based document verification software. ICO-LUX is also supporting two students from Friedrich Schiller University Jena and Bauhaus University Weimar with a scholarship funded by the Free State of Thuringia from the European Social Fund Plus. The preparation of the company foundation was supported by the Federal Ministry for Economic Affairs and Energy and the European Social Fund as part of the EXIST programme.