Hex announced on October 27 that it had closed a $100 million financing at a $1.2 billion valuation, co-led by Peak XV and 137 Ventures, as it introduced a rebuilt analytics platform designed for AI agents.
Hex helps data teams analyze company information and share results as interactive apps. CEO and co-founder Barry McCardel said Hex decided to rewrite the software after six years of development and adoption by more than 2,500 customers.
McCardel said adding AI to the old architecture had left agents needing hundreds of specialized tools to operate Hex. Its computing engine also wasn't designed for many agents to work quickly at the same time.
Hex says the replacement lets users turn work begun in Claude into a shared data app, then check the logic and source data behind its numbers. The product announcement names StubHub and Ro as alpha testers.
The financing follows a $70 million Series C announced in May 2025. McCardel said the latest capital would support hiring and a larger sales and marketing operation.
Hex 4.0 was in private beta on October 27, with broader access planned in the following weeks. Hex said existing projects would continue to run and that a dedicated process for migrating them to the new version was still to come.