Venture capital firms Peak XV and 137 Ventures have anchored the $100 million funding round in US data analytics startup Hex, which is now valued at $1.2 billion.
The round was also backed by Andreessen Horowitz and Sequoia Capital. Other investors included Amplify, Avra, Next Legacy, Redpoint Ventures, and Zero Prime.
In a statement on its website, co-founder and chief executive Barry McCardel said funding proceeds will be used to expand its team, scale its sales and marketing operations, and accelerate development of its analytics platform.
Founded in 2019, Hex Technologies develops a collaborative analytics platform that combines SQL, Python, R, visual workflows, and interactive data apps with built-in AI assistance to streamline data science exploration and knowledge sharing across enterprise teams.
The fundraising coincides with the launch of Hex 4.0, a redesigned version of its platform that the company said was rebuilt from scratch to accommodate AI agents and code-based analytical workflows.
Hex said it had more than 2,500 customers globally and had spent the past four years incorporating AI into its products.
However, the company decided to redesign its underlying architecture because its existing system was not built for workflows in which AI agents independently query databases, write code, and generate reports.
The shift 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.
“This was a radical thing to do, but after four years on the frontier of bringing AI to data, we knew it was the right one. Today we’re introducing that new version and announcing a fundraising to bring it to the world,” McCardel said.
McCardel said the new architecture would also provide a foundation for products that were difficult to develop under the previous system.
Peak XV, the co anchor in the funding round, raised $1.3 billion in February in new capital commitments across its India, seed, venture, and APAC funds.
The firm nvests in startups across India and the Asia-Pacific region, backing companies from early stages through to public listings.
Over the past 20 years, Peak XV has grown to manage more than $10 billion across 16 funds and has invested in over 450 companies. Its portfolio companies have recorded more than 35 IPOs, along with several mergers and acquisitions.
