Thermo-Calc
Develops CALPHAD-based simulation software and thermodynamic databases for computational materials engineering, including an Additive Manufacturing Module for modeling powder bed fusion melt pools, printability maps, and microstructure in alloy development.
- CEO / Founder
- Anders Engström
- Team Size
- 11-50
- Stage
- Active
- Latest Round
- Grant
- Key Investors
- STT (Stiftelsen för termodynamisk och termofysikalisk forskning — majority owner since 1997 founding); European Union Horizon 2020 (grant No. 820647, ADVANCE project); WISE (Vinnova-connected Swedish innovation funding for Li-ion battery research)
Technology & Products
Key Products
Thermo-Calc; DICTRA; Property Model Calculator; Process Metallurgy Module; Additive Manufacturing Module
Technological Advantage
CLAIMED: Largest and most validated thermodynamic/diffusion database in the CALPHAD field; 2,000+ organizational user base creates switching-cost moat. VERIFIED: NIMS Award 2017 to founders Dr. John Ågren and Dr. Bo Sundman recognizing scientific leadership; 2023 acquisition of QuesTek Europe to form Thermo-Calc Solutions AB expands into ICME services. Advantage is defensible via proprietary databases and decades of experimental validation data; partially replicable via open-source CALPHAD tools (OpenCalphad) but without the database depth.
Differentiation
Value Proposition
Enables alloy developers to predict PBF printability and microstructure in silico before physical trials, reducing costly experimental iterations and accelerating qualification of new AM alloys for aerospace, automotive, and energy applications.
How They Differentiate
Broadest validated multi-component thermodynamic databases vs. MatCalc and OpenCalphad; AM Module integrates CALPHAD alloy thermodynamics directly with PBF process simulation (keyhole, absorptivity), a capability not available in FLOW-3D which focuses on fluid dynamics without alloy thermodynamics; 30+ year database validation depth vs. newer entrants.
Market & Competition
Target Customers
Materials scientists and process engineers in R&D across aerospace, automotive, energy, and electronics industries; 2,000+ organizations in 60+ countries
Industry Verticals
Aerospace; Automotive; Energy; Electronics; Advanced Manufacturing
Competitors
MatCalc (CALPHAD thermodynamic modeling software); OpenCalphad (open-source CALPHAD); Flow Science FLOW-3D AM (melt pool simulation for PBF)
Growth & Milestones
Growth Metrics
2,000+ organizations in 60+ countries using Thermo-Calc software; 30+ years of continuous operation; 2023 acquisition of QuesTek Europe expanding into ICME services segment
Major Milestones
1973–1993: Core CALPHAD technology developed at KTH Royal Institute of Technology by Dr. John Ågren and Dr. Bo Sundman; 1997: Thermo-Calc Software AB formally founded as spin-out from STT/KTH; 2017: Founders Dr. John Ågren and Dr. Bo Sundman awarded NIMS Award for CALPHAD contributions; 2020: TMS 2020 presentation on Additive Manufacturing Module advances; 2023: Acquisition of QuesTek Europe; formation of Thermo-Calc Solutions AB for ICME services; 2025: Formnext 2025 listing confirming active AM market presence
Notable Customers
Skyrora (tantalum alloy development for 3D printing rocket components, via Thermo-Calc Solutions partnership); Metalysis (tantalum alloy for AM, same partnership); GMH Group (physical model of secondary steelmaking metallurgy)