ICO-LUX GmbH was founded in July 2018 and develops software for automated fraud detection on documents. Large companies, such as private health insurance companies, face the problem that a manual check of documents (e.g. pharmacy prescriptions) is not possible due to the high volume of processed documents. Machine processes for document verification that provide real-time feedback do not exist. As a result, companies suffer millions of dollars in fraud losses every year. The software we have developed is capable of performing an authenticity check based on image data.
In addition to initial customers and development partners from the private health insurance sector, ICO-LUX was able to acquire partners specializing in document processing. Furthermore, in addition to the existing four employees, thanks to funding from the ESF / Europe for Thuringia and the Free State of Thuringia, two additional permanent employees could be recruited, who are dedicated to the development and marketing of our software for automated document authenticity checking as well as semantic information extraction using cross-document patterns. In addition, ICO-LUX supports a student of the Friedrich-Schiller-University Jena with a scholarship, which is also funded by the mentioned authorities. The preparation of the company foundation was funded by the German Federal Ministry for Economic Affairs and Energy and the European Social Fund within the EXIST program.