Zetwerk and Ethereal Machines Partner with Deepinder Goyal's Temple

Temple, a Wearable Tech Upstart, Sets Up Manufacturing Partnerships

Temple, a wearable tech company founded by Deepinder Goyal, the co-founder of Zomato's parent company, Eternal, has partnered with contract manufacturing firms Zetwerk and Ethereal Machines to produce its products and begin commercial operations. According to sources familiar with the developments, Temple is working with Zetwerk and Ethereal Machines to build out its products and scale up production.

Temple, which was started over a year ago, makes experimental devices that stick to a person's temple and calculate brain flow in real-time and continuous basis. The company began shipping its first 100 samples earlier this week and plans to scale up production over the coming weeks.

The manufacturing partnership involves Temple handling the primary manufacturing process in-house, while Ethereal Machines will be responsible for precision manufacturing of certain sensors and other components. Zetwerk will handle the manufacturing scale-up. According to sources, Temple plans to manufacture a few thousand units initially and target both domestic and international markets, including the US and other global regions.

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Investment Overlaps and Partnerships

The partnership between Temple, Zetwerk, and Ethereal Machines is facilitated by investment overlaps between the companies. Peak XV Partners, a common investor in all three companies, has played a key role in bringing the companies together. Steadview, an early backer of Temple, is also a stakeholder in Ethereal Machines. Additionally, the founders of Zetwerk are angel investors in Ethereal Machines.

Wearable Tech Market Trends

The wearable technology market is rapidly expanding, moving from being a niche lifestyle accessory to a mainstream health and wellness product. According to recent trends, wearable fitness companies are seeing significant investor interest, with Whoop raising $575 million at a $10.1 billion valuation earlier this month. Google is also developing a new screenless fitness band under its Fitbit portfolio, aiming to compete with subscription-focused wearables from Whoop.

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Temple's Funding Details

Temple, valued at $190 million, has raised $54 million to date from a mix of angel and institutional investors. Its backers include Kunal Shah, Vijay Shekhar Sharma, Raj Shamani, Abhiraj Singh Bhal, Varun Alagh, and Akshant Goyal, alongside institutional investors such as Peak XV Partners, Info Edge, Vy Capital, and Steadview Capital.

Note: The table above compares the valuation and funding raised by Temple, Whoop, and Google's Fitbit portfolio.