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In this paper we present a novel highly efficient approach to determine material properties from measurement results. We apply our method to thermal properties of thin-film multilayers with three different materials, amorphous silicon, silicon-nitride and silicon-oxide. The individual material properties are identified by solving an optimization problem. For this purpose, we build a parameterized reduced-order model from a finite element (FE) model and fit it to the measurement results. The use of parameterized reduced order models within the optimization iterations speeds up the transient solution time by several orders of magnitude, while retaining almost the same precision as the full-scale FE model.