Hex raises $100m at a $1.2bn valuation and ships Hex 4.0

Hex raises $100m at a $1.2bn valuation and ships Hex 4.0

27 October 2026: Hex, the data workspace used for analytics, notebooks and business intelligence, says it has raised $100 million at a $1.2 billion valuation. PeakXV and 137 Ventures led the round, and the company names Amplify, Avra, a16z, Redpoint, Sequoia and Zero Prime among the other participants. It announced the money together with Hex 4.0, which it calls a from-scratch rewrite for the era of agents.

Not yet independently verified. This rests on Hex's own post by its chief executive. It gives no revenue, growth rate or investor quote, and we have not read the separate Hex 4.0 feature post or tried the product. The valuation and customer count are as the company states them. We will update this when it can be confirmed, and remove this note.

Barry McCardel, Hex's chief executive, wrote the announcement. He says the funds will go on growing the team, expanding go-to-market and building the next phase of the product.

Why Hex rewrote the product

McCardel is frank about the starting point. Hex had been using AI for years, from a text-to-SQL prototype built on GPT-3 before ChatGPT arrived, to Magic features in February 2023, a data agent last year and generative apps earlier this year. Even so, he writes that the company was far from "agent native", however much it liked saying so.

The post names three problems with the old design. The agent harness had grown to hundreds of tools. Outside agents could reach Hex only through MCP, which limited how well they worked with it. And the compute engine had not been built for fast, highly concurrent workflows. Hex 4.0 replaces all three rather than patching them, and McCardel says agents helped write the new code.

Everything is code

The premise of the rewrite is that everything in a workspace is plain code, not a proprietary YAML format. The idea is that people and agents then work on the same artefacts, which can be read, reviewed and versioned like any other code. McCardel describes the aims as context, controls and compounding: giving agents the business meaning they lack, keeping governance in place, and letting each piece of data work build on the last.

He also offers a view on the wider market, saying that many business intelligence tools will combine and be reborn in new shapes. Hex is positioning itself as one of the survivors of that shift.

What we can and cannot confirm

Hex says it was founded in 2019, has spent about six years building the product and now has more than 2,500 customers worldwide. It mentions a best-ever quarter but gives no revenue or growth figure, and the post carries no quote from either lead investor; it names a PeakXV partner, Shailendra, without a surname.

The announcement links to a 30-day free trial of Hex Team. Readers comparing tools can look at the 8 products in our business intelligence software category. The detail of Hex 4.0, including its pricing and how agents are metered, sits in a companion post that we have not yet read.

Company profile on TrustList: Hex

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• Querio launches with $5m to put analytics logic in a Git repo
• Scanntech raises $180m Series F for Latin American retail sales data
• Salesforce agrees to buy AI analytics firm Loops for Tableau

Sources

• Hex: Hex raises $100M and ships Hex 4.0 (post by Barry McCardel), 27 October 2026