Deepinder Goyal's wearable firm Temple plans to raise $50M
What's the story
Temple, a wearable device firm founded by Deepinder Goyal, is in advanced talks to raise $50 million (around ₹450 crore). The funding round involves Steadview Capital, Vy Capital, Info Edge, and Peak XV Partners. Goyal and other Indian founders will invest in this seed round. Temple's employees are also likely to participate in the funding round.
Product details
Temple's innovative wearable technology
Temple, founded over a year ago, creates experimental devices. These innovative gadgets are patches that stick to a person's temple and measure brain flow in real time. The company is working on a continuous brain flow monitor, which also measures other biomarkers like popular brands Whoop or Oura. Goyal is also a shareholder in Ultrahuman, which makes smart rings and other health-tracking devices.
Device validation
Temple's devices still being benchmarked
The metrics from Temple's devices are still being benchmarked and validated by third parties. The device is meant to be a research-grade product and will only be launched for the general audience after a few months. The seed round of around $50 million values Temple at around $125-130 million (about ₹1,100-1,200 crore).
Investor support
Investors backing Goyal's new venture
The institutional funds backing Temple are the same ones that invested in Zomato during its early days. From Steadview to Vy Capital and Info Edge to Peak XV Partners, all these funds have been associated with Goyal since his Zomato days. Info Edge's Sanjeev Bikhchandani had invested around ₹5 crore in Zomato back in 2010 when it was staring at a shutdown.
Future plans
Temple's funding will aid device development
If the talks between the investors and Goyal fructify, Temple shall use the funds for further development of its device. "The funds should last until the device is made public to users at large," a source said to Moneycontrol. While Temple may raise money to potentially "shape into an important wearable the world needs," it is likely to remain "a small cute company" and "nothing compared to Eternal," Goyal had said.