Bain Capital's early investment in Kiva yields a 26.6x return

According to Fortune, Ajay Agarwal of Bain Capital Ventures invested in warehouse robotics company Kiva Systems in 2004, when it had no revenue, no finished products, and no customers. Bain Capital subsequently led its first funding round, and Staples became its first customer. Eight years later, Amazon acquired Kiva for $775 million, and Bain Capital told Fortune that its initial investment generated a 26.6x return.

Agarwal stated that the sector is currently experiencing a golden age for hardware and embodied AI. According to PitchBook data, robotics and embodied AI startups raised $27.6 billion across 1,009 deals in 2025, more than double the previous year's total.