Ground-up Relaunch and $100 Million Funding for Hex Tech

San Francisco, CA-based Hex Technologies has raised $100m in funding, with which to recruit for its core engineering and product development teams, expand its business globally, and roll out a newly-launched and AI-native version of its collaborative data science and analytics platform.

Hex was launched in 2019, is led by CEO and co-founder Barry McCardel, and provides a collaborative data workspace allowing users to connect to data sources like Snowflake and Databricks, analyze and share data and publish their own interactive apps for general use. In 2021 it raised $16m to further this development, and by the beginning of 2026 it had some 2,500 clients using its solutions for BI, conversational analytics and context management.

However, McCardel said in a blog this week that fundamentally, the company was 'trying to integrate AI into a product that already existed.' He explains: 'Our data model, architecture, and core assumptions around what users were doing in our product were all baked in 2020 to 2021.' Since then, the company has rewritten its software from scratch 'for the era of agents' - the result is Hex 4.0, which is being unveiled along with the fundraise.

'This is just the foundation for a lot of other things we have in mind,' continues McCardel. 'In fact, one of the reasons we went so hard on this is because there are things we want to build we couldn't imagine doing on the old architecture - but are trivial on the new one.'

The round was raised at a valuation of around $1.2 billion and was led by PeakXV and 137 Ventures, with participation from Amplify, Avra, a16z, Next Legacy, Redpoint, Sequoia and Zero Prime.

Hex's home page is at www.hex.tech .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.