Bain Capital’s Ajay Agarwal bet on robots when Silicon Valley wouldn’t. Now he sees a ‘golden era’ for physical AI | Fortune

Bain Capital Ventures partner Ajay Agarwal, an early backer of warehouse-robotics company Kiva Systems before Amazon acquired it for $775 million, said the firm is now targeting a “golden era” for physical AI as more investors warm to the sector. Agarwal’s contrarian bets on robotics preceded broader Silicon Valley interest, and he now argues that advances in AI are accelerating adoption of machines that operate in the physical world. The shift matters because physical AI spans logistics, manufacturing and defense, areas where automation could reshape labor and capital spending. Investors will watch whether Bain Capital Ventures deploys new capital into robotics startups and whether rivals follow with competing funds.