Key Takeaways
- • Peak XV and 137 Ventures co-anchored a $100 million funding round in US data analytics startup Hex, which is now valued at $1.2 billion.
- • Andreessen Horowitz and Sequoia Capital also backed the round, with Amplify, Avra, Next Legacy, Redpoint Ventures, and Zero Prime among other investors.
- • Proceeds will fund team expansion, sales and marketing scale-up, and development of Hex's analytics platform, according to co-founder and CEO Barry McCardel.
- • The raise coincides with the launch of Hex 4.0, a platform rebuilt from scratch to support AI agents and code-based analytical workflows.
- • Hex reports more than 2,500 customers globally; the redesign addresses limits of an architecture not built for AI agents that independently query databases and generate reports.
Summary
Venture capital firms Peak XV and 137 Ventures have anchored a $100 million funding round in Hex Technologies, the US data analytics startup, which is now valued at $1.2 billion. The round was also backed by Andreessen Horowitz and Sequoia Capital, with Amplify, Avra, Next Legacy, Redpoint Ventures, and Zero Prime also participating.
In a statement on its website, co-founder and chief executive Barry McCardel said the proceeds will be used to expand the team, scale sales and marketing operations, and accelerate development of the analytics platform. Founded in 2019, Hex develops a collaborative analytics platform that combines SQL, Python, R, visual workflows, and interactive data apps with built-in AI assistance, aimed at enterprise teams working on data science exploration and knowledge sharing.
The funding coincides with the launch of Hex 4.0, which the company describes as rebuilt from scratch to accommodate AI agents and code-based analytical workflows. Hex said it has more than 2,500 customers globally and has spent the past four years incorporating AI into its products. However, the company concluded its existing architecture was not designed for workflows in which AI agents independently query databases, write code, and generate reports, prompting the redesign. McCardel said the new architecture also provides a foundation for products that were difficult to build under the previous system.
The move reflects a broader challenge for business intelligence software providers as companies increasingly use AI coding assistants and autonomous agents to perform analytical tasks outside traditional platforms. Peak XV, which raised $1.3 billion in February in new capital commitments across its India, seed, venture, and APAC funds, invests across India and the Asia-Pacific region from early stage through public listing. The firm has grown to manage more than $10 billion across 16 funds, has invested in over 450 companies, and reports more than 35 IPOs among its portfolio companies.
In a statement on its website, co-founder and chief executive Barry McCardel said the proceeds will be used to expand the team, scale sales and marketing operations, and accelerate development of the analytics platform. Founded in 2019, Hex develops a collaborative analytics platform that combines SQL, Python, R, visual workflows, and interactive data apps with built-in AI assistance, aimed at enterprise teams working on data science exploration and knowledge sharing.
The funding coincides with the launch of Hex 4.0, which the company describes as rebuilt from scratch to accommodate AI agents and code-based analytical workflows. Hex said it has more than 2,500 customers globally and has spent the past four years incorporating AI into its products. However, the company concluded its existing architecture was not designed for workflows in which AI agents independently query databases, write code, and generate reports, prompting the redesign. McCardel said the new architecture also provides a foundation for products that were difficult to build under the previous system.
The move reflects a broader challenge for business intelligence software providers as companies increasingly use AI coding assistants and autonomous agents to perform analytical tasks outside traditional platforms. Peak XV, which raised $1.3 billion in February in new capital commitments across its India, seed, venture, and APAC funds, invests across India and the Asia-Pacific region from early stage through public listing. The firm has grown to manage more than $10 billion across 16 funds, has invested in over 450 companies, and reports more than 35 IPOs among its portfolio companies.
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