Hex rebuilt its analytics platform for AI agents, then raised $100M at $1.2B

Data analytics company Hex raised $100 million at a $1.2 billion valuation, led by Peak XV, and says it has rebuilt its platform for AI agents. Forbes reported the Series D, and Hex’s own posts describe the same round alongside the Hex 4.0 release.

A fresh round and a private beta

According to Hex’s announcement, Sequoia, Redpoint, a16z, Avra and other existing investors also took part. Forbes labels the round a Series D, while Hex’s post calls it a fundraise without using that term.

In its Hex 4.0 post, the company says the release is in private beta, with broader availability planned over the coming weeks. Existing projects keep working, and Hex says a migration workflow is planned. The post gives no new pricing.

What Hex 4.0 changes

Hex says its earlier architecture was built on assumptions that no longer fit. It names three problems: an agent weighed down by hundreds of tools, outside agents that could only reach Hex through MCP, and a compute engine not designed for fast, concurrent, iterative work.

• Everything is code. Projects are backed by plain code files, and the agent maps every dependency, so any number in an app can be traced.
• Work from anywhere. People can ask questions inside Hex or from external agents such as Claude, Codex or Cursor, then publish and share the results.
• A new execution engine. It runs queries in parallel and reruns only the steps affected by a changed input. Hex reports apps running 4 to 12 times faster.

Barry McCardel, Hex’s chief executive, wrote that “the basic promise of BI is finally here: everyone can ask questions!”

Open questions behind a ground-up rewrite

The speed figures are Hex’s own, drawn from its examples. The company has not published a methodology or independent benchmarks, and neither the valuation nor the performance claims have been independently verified. The post also leaves out a general availability date and says little about how the new money will be spent.

The code-first design carries a trade-off. A platform where agents write and manage code files may suit technical teams better than analysts who prefer point-and-click tools, and Hex’s posts do not explain how non-technical users will fare beyond the promise that everyone can ask questions.

The field is crowded. Rival Omni raised $120 million at a $1.5 billion valuation, according to a funding summary by ValueAdd VC, which also lists Hex’s previous round as a $70 million Series C in May 2025. The new round therefore adds more than the last one raised, in about a year and a half.

Hex’s bet is that exposing its engine through MCP and plain code files makes it a place where outside agents do their analytics work rather than a tool they bypass. How quickly customers migrate existing projects, and how fast the beta widens, will show whether the rewrite pays off.