Temple Achieves $54 Million Funding for Wearable Technology

Temple, a pioneering name in wearable technology, announced its first funding round of $54 million on Friday. This round was spearheaded by founder Deepinder Goyal, with contributions from Steadview Capital, Peak XV Partners, and Zerodha co-founder Nikhil Kamath, among nearly 90 other investors. Intriguingly, over 30 employees of Temple also invested their personal funds at the same valuation as outside investors.

According to Temple’s filing with the Registrar of Companies (RoC), the board approved the issuance of 234,799 seed Series CCPS shares at an issue price of Rs 21,000 each, aiming to raise Rs 493 crore (approximately $54 million). Founder Deepinder Goyal led this round with an investment of Rs 104 crore (around $11.5 million), followed closely by Steadview Capital, which committed approximately Rs 90.5 crore. Dharana Capital and Peak XV Partners will invest Rs 49.77 crore and Rs 54.30 crore, respectively. Meanwhile, Nikhil Kamath, through NKSquared, and Info Edge are each participating with investments of Rs 22.6 crore.

Several distinguished angel investors also joined the funding round, including Kunal Shah through QED Innovation Labs, as well as Vijay Shekhar Sharma, Varun Alagh, Abhiraj Singh Bahl, and podcaster Raj Shamani, along with over 80 other investors, notably including Temple employees.

Temple is set to be valued at around Rs 1,715 crore (approximately $190 million) post-money. Following the share allocation, Deepinder Goyal will hold the largest stake at 28.59%, while Steadview Capital will possess 5.28%. Akshant Goyal and Peak XV Partners will hold stakes of 3.9% and 3.17%, respectively, with Info Edge and Nikhil Kamath each having a 1.32% stake. Other investors, including angel backers, will maintain smaller minority stakes in the company.

Furthermore, the company has established an ESOP pool of 10%, valued at about Rs 171 crore (around $19 million) on a post-money basis. Temple is creating a wearable, non-invasive monitoring device intended for placement on the side of the forehead, which will measure blood flow in the brain.

Beyond his involvement with Temple, Deepinder Goyal is also supporting the longevity research initiative Continue with a $25 million investment from his personal funds. Additionally, he has co-founded an aerospace startup, LAT, in partnership with former Zomato COO Surobhi Das, which has recently acquired Gurugram-based defence robotics startup Sharang Shakti.