June 2006

WOBURN, Mass. — Bain Capital Ventures recently led $10 million in venture capital funding for Kiva Systems, a company based in Woburn, Mass., that specializes in creating a mobile, robotic system that moves goods within company warehouses.

This funding will be used to expand Kiva's manufacturing and services as the company completes a number of deployments for U.S. customers in 2006. Kiva has raised $18 million.

"Kiva has executed well on their early lead with this innovative technology," said Ajay Agarwal, a managing director with Bain Capital Ventures and Kiva board member. "Customers are moving quickly to full-scale deployments, which validates the strong demand for this type of new solution in order fulfillment. We look forward to helping [Kiva's chief executive officer Mick Mountz] and his team continue to build a great organization with a great solution."

"Having demonstrated over 200 percent productivity improvement with the Kiva solution in pilot customer tests last year, we are now engaged in numerous full-scale designs and production deployments for 2006," said Kiva's Mountz. "This series C [venture capital funding] allows Kiva to build our manufacturing, deployment and field service organizations to meet this demand."