Robotics
2d ago
Ajay Agarwal of Bain Capital Ventures Highlights Growth in Robotics and Physical AI
Nov 9, 2026
AI Summary
Ajay Agarwal, a partner at Bain Capital Ventures, reflects on his early investment in Kiva Systems and the current surge in robotics and physical AI. With funding for these sectors reaching $27.6 billion in 2025, Agarwal believes we are in a 'golden age' for hardware and AI technology.
- Ajay Agarwal invested in Kiva Systems in 2004, a robotics startup that had no revenue or customers at the time.
- Kiva Systems was later acquired by Amazon for $775 million, yielding a 26.6-fold return on Bain's initial investment.
- In 2025, robotics and physical AI startups raised $27.6 billion across 1,009 deals, more than double the previous year's total.
- Agarwal cites advancements in hardware affordability and AI capabilities as key factors driving the current momentum in the sector.
- Notable companies like TerraFirma, which focuses on construction robotics, have emerged, with Bain being an early investor.
- Agarwal emphasizes the shift in investor sentiment towards more ambitious hardware projects compared to software solutions.
bain capitalajay agarwalphysical airobotics investmentkiva