The formula you provided, Keff = V1 * K1 + (1-V1) * K2, can be used to calculate the effective conductivity of a homogenized mixture of two materials. This formula is based on the rule of mixtures, which states that the effective conductivity of a mixture can be calculated as a weighted average of the conductivities of the individual components, where the weightings are proportional to the volume fractions of the components.
In the formula, Keff is the effective conductivity of the mixture, K1 and K2 are the conductivities of the two materials, and V1 is the volume fraction of material 1.
This formula can yield reasonable results for many types of mixtures, but it is important to keep in mind that the accuracy of the result may depend on the specific materials and mixture being considered. In some cases, the effective conductivity of a mixture may deviate significantly from the value predicted by the rule of mixtures, and more complex models may be needed to accurately predict the conductivity.
It is always a good idea to validate the results of any calculation or model with experimental data if possible, to ensure that the results are accurate and reliable.