Hex Raises $100M

Hex is rebuilding its analytics platform around the idea that data work should be code-based and designed for AI agents from the start. After six years developing Hex and adding AI features to its existing product, the company concluded that its older architecture was not suited to agents: it relied on a growing collection of tools, made integration with outside agents awkward, and could not efficiently support fast, repeated, concurrent workflows. Meanwhile, teams were creating dashboards and reports in coding assistants and other tools, often without reliable context, permissions, or provenance. Hex 4.0 is a clean-sheet rewrite intended to let data work happen across different environments while supplying the context, controls, and guardrails needed to make the results dependable.

Hex says the new platform treats plain code - not a proprietary format - as the foundation for flexible, agent-compatible analytics, and that the rewrite enables product capabilities that were impractical on the previous system. The company also announced a $100 million funding round at a $1.2 billion valuation, led by Peak XV and 137 Ventures, with participation from existing investors including a16z, Sequoia, and others. The financing will support hiring, sales expansion, and further product development. Hex argues that traditional business intelligence is giving way to a new model: AI makes it easier for anyone to ask questions and build data products, but this freedom can erode trust. Its central challenge is to combine code-driven flexibility with governance, shared context, and controls.