Temple Wearables Secures $54 Million in Funding at $190 Million Valuation

Temple Wearable Tech Startup Raises $54 Million in Latest Funding Round

Overview

Temple, a wearable tech startup founded by Deepinder Goyal, has secured $54 million in funding from a group of institutional investors. This latest round of investment marks a significant milestone for the company, which aims to scale its operations and expand its user base.

Investors and Funding

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The funding round has attracted participation from Steadview Capital, Vy Capital, Info Edge, and Peak XV Partners (formerly Sequoia Capital India), among others. Additionally, early employees of Temple have also invested in the company, with more than 30 employees participating at a par valuation. This level of employee investment demonstrates the strong belief in the company's vision and potential for growth.

Company Background and Product

Temple is a relatively new company, established approximately 1 year ago, which focuses on developing wearable devices that track brain flow and other biomarkers in real-time. The company's product is an experimental device that resembles a patch, which adheres to the user's temple. This device is similar to popular wearable brands such as Whoop and Oura, which track various health metrics.

Goyal's Other Ventures

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Deepinder Goyal is also the founder of Eternal, a food and grocery major, as well as LAT Aerospace. He is also a shareholder in Ultrahuman, a company that develops smart rings and other health-tracking devices.

Use of Funds

The $54 million raised will be used to further develop the Temple device, with the goal of launching it to a wider user base. According to a source, the funds are expected to last until the device is made publicly available to users.

Relationship with Goyal's Previous Ventures

Interestingly, the institutional investors backing Temple are the same ones that invested in Zomato during its early years. This includes Info Edge, Steadview Capital, Vy Capital, and Peak XV Partners. The common thread between these investors and Goyal's previous ventures highlights the strong relationships and trust built over time.