TOKYO, Oct. 4, 2023 /PRNewswire/ — QuesTek Japan Co., Ltd., a joint venture between ITOCHU Techno-Solutions Corporation (CTC) and QuesTek International LLC, announced a new agreement under which it will leverage QuesTek’s revolutionary ICMD® materials design and engineering software platform in materials engineering engagements. It will also provide subscriptions to the SaaS product to organizations in Japan in the first international re-selling agreement for ICMD®.
QuesTek Japan, which was established in 2020, completed a successful 3-year proof of concept phase in which it demonstrated revenue growth and quarterly profitability. This initial success provided the foundation for continued market growth and development in Japan. As a result, CTC and QuesTek International signed a 5-year renewal of their joint venture, along with QuesTek Japan becoming an end user subscriber to ICMD®, enabling the use of the software platform to deliver service engagements in Japan as it expands its materials design consulting reach. Under the agreement, QuesTek Japan will also become the first reseller of ICMD® and provide end-user subscriptions to Japanese companies and agencies and support them as needed in the use of the technology.
Additionally, QuesTek Japan has announced a sales target of 1 billion yen (approximately USD $6.7 million) in three years. Its team of material scientists will continue to collaborate with CTC and QuesTek to bring about material breakthroughs in areas such as aerospace, automotive, recycling, additive manufacturing, green energy and more.
QuesTek Japan will continue to apply ICME (Integrated Computational Materials Engineering), a physics-based modeling approach to materials engineering pioneered by QuesTek Innovations. Both ICME and ICMD® lead to cost reduction and improved sustainability in the design, development, and deployment of new materials.
Launched in the U.S. in July, ICMD® (Integrated Computational Materials Design) is a comprehensive digital platform for materials engineering, qualification, and certification. The software is built on computational models developed by QuesTek to deliver hundreds of materials science engagements completed on behalf of corporations and government clients over more than two decades.
QuesTek empowers innovators by resolving materials-based challenges. QuesTek is both a pioneer and current market leader in Integrated Computational Materials Engineering (ICME). QuesTek’s Materials by Design® technologies have enabled new products and new thresholds of performance across a wide range of industries including aerospace, automotive, medical devices, consumer electronics and luxury goods. QuesTek’s ICMD ® SaaS offering has packaged QuesTek’s IP and know-how into a client accessible software platform for the first time. QuesTek Innovations is the primary operating subsidiary of QuesTek International LLC and is headquartered in Evanston, Illinois. QuesTek has additional locations in Cambridge, Massachusetts; Solna, Sweden; and Tokyo. questek.com
SOURCE QuesTek Innovations