Cointime reports: Bain Capital Ventures’ Ajay Agarwal invested in warehouse robotics startup Kiva Systems in 2004, when the company had no revenue, product or customers, and Bain led its first round with Staples as first customer. Amazon acquired Kiva eight years later for $775 million, and Bain told Fortune its initial investment returned 26.6x. Robotics and physical AI startups raised $27.6 billion across 1,009 deals in 2025, more than double the prior year.
Bain Capital’s 2004 Kiva bet returned 26.6x after Amazon acquisition
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