❯ Hex raises $100 million Series D as it rebuilds analytics for people and agents

Financing alongside a product rebuildHex announced $100 million in financing at a $1.2 billion valuation on October 27, co-led by Peak XV and 137 Ventures, with existing investors and others participating. Its transaction counsel Cooley confirmed the Series D designation. The firm also advised on Hex’s $70 million Series C in spring 2025.

Turning enterprise data into usable answersFounded in 2019, Hex sells collaborative analytics software to enterprise data teams. It combines SQL, Python, queries, visualization and shareable analytical applications in a common environment. Analysts use it to create and review calculations, while business colleagues use the results in decisions. Enterprises pay for the platform and collaboration capabilities; AI participates in querying, coding and analysis.

New workflows exposed architectural limitsCo-founder and CEO Barry McCardel says in the company’s announcement that Hex had more than 2,500 customers, but adding AI to its existing architecture had reached limitations. Customers were writing analysis with tools such as Cursor and Claude, scattering outputs across files and applications. The previous platform struggled to provide consistent permissions, provenance and visibility across those workflows, prompting a complete rewrite as Hex 4.0.

Distributed work with shared controlsThe new version centers on code and gives people and agents shared context, controls and computing capabilities. The financing supports rebuilding and distributing a product with an existing customer base, rather than testing demand for analytics from scratch. Enterprises choosing AI analysis tools must assess whether calculations can be reproduced, permissions respected and results reused by colleagues, alongside the convenience of asking questions.

▮ SIGNALCompetition in AI analytics now extends beyond generating an answer to reproducibility, permissions and collaborative use.