News> Press Release

Bain Capital Ventures Invests in Kiva Systems

Firm leads $6.5 million Series B funding round to drive commercialization of company's mobile fulfillment solutions

BOSTON, MA - March 28, 2005 - Bain Capital Ventures, the venture arm of Bain Capital, today announced the completion of Series B funding of $6.5 million for Kiva Systems Inc. Kiva Systems, a fast-growing developer of breakthrough mobile solutions for the dynamic storage, movement and sortation of inventory will use the funds to deliver on pilot contracts it has secured with Fortune 500 companies and scale the organization for future growth.

"Our unique approach to automated material handling has generated tremendous excitement among customers in the distribution and fulfillment segments and we are extremely pleased to be working with Bain Capital Ventures to address this market need," said Kiva Founder and CEO Mick Mountz. "Bain Capital Ventures provides valuable go-to-market expertise and a vast network of relationships within our customer base which make it an ideal early stage partner for Kiva Systems."

Kiva Systems provides breakthrough mobile solutions for the dynamic storage, movement and sortation of inventory that enables truly adaptive fulfillment operations. An innovative combination of mobile hardware and powerful software, Kiva's solutions dramatically change the fulfillment game, improving productivity three-fold over conventional methods while simultaneously increasing the speed, accuracy and flexibility of distribution operations.

"We were attracted to the strength of innovation and IP that is at the core of Kiva's solution," said Ajay Agarwal, a Venture Partner with Bain Capital Ventures who, as part of the transaction, will join Kiva's Board of Directors. "Mick and his team have built a truly disruptive technology that will revolutionize how distribution centers operate."

About Kiva Systems

Kiva Systems, formerly Distrobot Systems, Inc., provides breakthrough mobile solutions for the dynamic storage, movement and sortation of inventory that enables truly adaptive fulfillment operations. An innovative combination of mobile hardware and powerful software, Kiva's solutions dramatically change the fulfillment game, improving productivity three-fold over conventional methods while simultaneously increasing the speed, accuracy and flexibility of distribution operations. Using Kiva's systems, companies can achieve a one-year return on investment and provide their customers with breakthrough service levels. For more information on the Company and its solutions, please visit www.kivasystems.com

About Bain Capital Ventures

Bain Capital Ventures, the venture capital arm of Bain Capital, leverages the institutional advantages and consulting-based approach of Bain Capital to build industry-leading businesses. Focusing on sectors such as software, wireless, healthcare, business services, and consumer, Boston-based Bain Capital Ventures benefits from the broader resources of Bain Capital, which includes over 160 investment professionals, a network of over 225 portfolio companies, over $23 billion of assets under management, and the knowledge from 20 years of successful venture investing. For more information, visit www.baincapitalventures.com.

# # #