Ajay Agarwal
Ajay Agarwal focuses on early stage physical AI investments across robotics, logistics and related software. Prior to investing, Ajay spent 9 years in operating roles across two high growth software companies.
Portfolio Highlights
About
My first start-up was during my sophomore year in college.
A classmate was starting a software company to help tech companies manage their quotes, proposals and contacts all in one database (sounds a lot like CRM!). I joined him and we scaled that business to $1M in revenue. He later dropped out and founded Trilogy Software, where I eventually joined him again as employee 18. I ran product and sales at Trilogy for eight years, until we reached $300M in revenue.
I was trained as an electrical engineer at Stanford
In between my software startups, I spent two summers as a telemetry design engineer for Hughes Aircraft Space and Communications Group in El Segundo, CA. I helped Hughes bid on the original DirectTV satellite.
I grew up in Pittsburgh, PA
My parents were immigrants from India and moved to Pittsburgh (via the UK, where I was born) when I was one. They encouraged me to take risks and pursue something entrepreneurial.
What is the first company you invested in?
One of my earliest investments at BCV was Kiva Systems, founded by Mick Mountz. Mick’s vision was to use software and a mobile robotic system to streamline the process for e-commerce fulfillment. Back when we led the first institutional round in 2004, e-commerce was still nascent. Mick, however, had accurately predicted that as e-commerce penetration grew and the assortment being offered by each merchant expanded, fulfillment costs would balloon out of control. Kiva eventually crossed $100M in revenue and its customers included all the major e-commerce retailers at the time: Staples, Zara, Zappos and the Gap. In 2012, Amazon bought the company and rebranded it as Amazon Robotics — and now Kiva’s robots power over 2000 fulfillment centers in Amazon’s global network. Mick’s tagline in his investor pitch was, “Kiva is turning atoms into bits.” And that’s exactly what he did!
What do you love about working for Bain Capital Ventures?
I love the team at BCV — why else would I have stayed for over 20 years?! It’s a group of incredible people who love technology, are passionate about startups and are tireless in their efforts to help our companies succeed. We truly operate as a team, which is unusual in the venture world. And the founders I work with notice this.
Do you have an investment ethos? Is there a portfolio company investment that exemplifies that ethos?
In the realm of Physical AI, I love companies that take a “full stack” approach. Often the physical aspects of the business are critical and what the customers can see and touch, but the intelligence and AI is what creates value, defensibility, and long term durability. Kiva was a software company disguised as a hardware/robotics company. The interaction between the atoms and the bits to solve hard problems is typically the source of value creation and we have a history of backing founders who believe this and understand this.
What advice would you give your younger self?
Be curious, take risks, be willing to change, try to see the world through a different lens.
What is compelling about your domain?
The largest problems left to be solved in the world and society involve the physical domain. The biggest industries in the world – construction, health care, logistics, transportation, manufacturing –require physical assets and cannot be transformed with a software-only approach. The advances in AI and computer vision combined with a dramatic reduction in the cost of sensors and hardware have unleashed an unprecedented wave of innovation. We are seeing top talent migrate into this domain driven by a level of ambition that dwarfs previous generation of founders who were limited to the software domain.
What are your interests and passions outside of BCV?
I am passionate about education and for more than 15 years have been on the board of BUILD, a national nonprofit that helps high school students from disadvantaged communities succeed through a program focused on entrepreneurship. I am a “forever optimistic” Pittsburgh Steeler fan, having grown up in Pittsburgh. I enjoy playing tennis, going to Barry’s and reading literature and nonfiction. And I love spending time with my wife and three daughters.
What is a self-care ritual you practice?
Sleep 7-8 hours a day (with my Oura ring)!
Background
Portfolio
Pronto
Streamlines on-demand home cleaning in India, matching users with vetted professionals for deep cleans and routine tasks through a seamless booking experience.
Ario
An AI assistant that helps families automate scheduling, shopping, and planning while keeping data private.
