Daika Wood

Company Overview

Snapshot

Founded in June 2020 by Michael Layani, Shlomo Magdassi, and Oded Shosayov, Daika Wood operates with 11–50 employees. The company has raised a total of $7.6M across 4 funding rounds from 3 investors. In October 2023, Daika Wood was highlighted for its innovative method of transforming wood waste into a sustainable building material, Daikawood, which can replace petroleum-based alternatives.

Business overview

Daika Wood develops a new material, Daikawood, by upcycling wood waste. This material is created by grinding wood waste and mixing it with water and organic compounds, including cellulose and food industry byproducts, resulting in a product similar to natural wood. Daikawood serves as an alternative to conventional wood and other building materials in construction and furniture manufacturing, offering moldability, pressability, extrudability, high strength, and fire retardancy. The company operates within the Industrial Technologies sector, focusing on sustainable materials and circularity.

Strategic signal

In October 2023, Daika Wood's innovative approach to converting wood waste into a natural, sustainable building material, Daikawood, gained significant attention. This development is crucial for the industry as it offers a viable, eco-friendly alternative to petroleum-based and hazardous wood-like materials, addressing environmental concerns related to waste management and greenhouse gas emissions. For investors, this signals Daika Wood's potential for substantial growth and market disruption in the sustainable materials sector, particularly as the company was in the pilot stage with plans to raise seed funding for commercial product delivery by mid-2024.

Company Intelligence Q&A

What is Daika Wood's core innovation?

Daika Wood has developed Daikawood, a new natural material created by grinding wood waste and mixing it with water and organic compounds, including cellulose and food industry byproducts. This material is designed to replace petroleum-based and hazardous wood-like materials.

What was a key strategic development for Daika Wood in October 2023?

In October 2023, Daika Wood was featured for its method of turning wood waste into Daikawood, a strong and sustainable building material. This innovation positions the company to offer an alternative to conventional wood and other building materials.

Which organizations have partnered with Daika Wood?

Daika Wood has partnered with the Hebrew University of Jerusalem, Yissum tech-transfer company, and Technion-Israel Institute of Technology, as reported in October 2023.

What is Daika Wood's environmental impact?

Daika Wood's approach addresses environmental concerns by upcycling wood waste and creating sustainable materials without harmful binders like formaldehydes and petrochemicals. The process is energy-efficient, operating at temperatures below 70°C, and allows for continuous recycling of its products.

What was Daika Wood's funding activity in July 2020?

In July 2020, Daika Wood secured Pre-Seed funding from Israel Innovation Authority and Terralab Ventures.