MAYFIELD VILLAGE, Ohio — Quality Electrodynamics, touted in the past for its technology and as an example of how state-funding creates winning companies, was named one of the country’s most promising young companies by Forbes magazine.
The company, also known as QED, makes high-quality coils for magnetic resonance imaging machines. It was the highest ranking medical company on the list, and Forbes lauded the business for its customer base (Toshiba and Siemens); growing through grants and without venture capital; as well as its management strength — founder Hiroyuki Fujita is the former director of engineering for GE Healthcare.
The package also includes a pretty insightful interview with Fujita, who not only explains his personal philosophy but his company’s future plans. The business is raising $10 million to expand into Asian health-care markets and develop a new business line that would diversify the company.
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Fujita also told Forbes the company “will take on an equity partner if one or more are identified that can deliver unique strategic value.” The business made $4.5 million last year.
Fujita told Forbes he idolizes Dr. Kazuo Inamori, the founder of Kyocera who has been honored for his contributions to society through technology, science, arts and philosophy. “At QED, not only do we emphasize the importance of technical excellence, but we also place a high value on human integrity and team spirit,” he told the magazine. “My team, originating from Japan, China, India, Europe and the United States, shares my belief in ‘doing the right thing as a human being.’ ”
Look for supporters of Ohio’s Third Frontier program to make political hay out of this announcement. QED has received Third Frontier dollars, and in January, the company hosted more than 100 dignitaries when it announced its broad expansion project: quadrupling its suburban headquarters and the doubling within 18 months of its 40-member staff.
The Forbes recognition comes days after a report by the Third Frontier outlining its economic impact and as politicians hope to ask voters next year to renew the program.
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“QED is one of the best success stories of the Third Frontier program,” Lt. Gov. Lee Fisher said in January.
