[Bain Capital's Early Investment in Kiva Yields 26.6x Return] According to Fortune, Ajay Agarwal of Bain Capital invested in Kiva Systems, a warehouse robotics company with no revenue, no finished products, and no customers, in 2004. Bain Capital subsequently led Kiva's first funding round, with Staples becoming its first customer. Eight years later, Amazon acquired Kiva for $775 million. Bain Capital told Fortune that its initial investment yielded a 26.6x return. Agarwal stated that we are currently in a golden age for hardware and physical AI. According to PitchBook data, by 2025, robotics and physical AI startups will have raised $27.6 billion in 1,009 deals, more than double the previous year's figure.