# Hex Raises $100 Million at a $1.2 Billion Valuation and Rewrites Its Analytics Product From Scratch for AI Agents

Times of AI Desk · 2026-10-28 · Enterprise

[https://timesof.ai/2026/10/hex-100m-1-2b-hex-4-agent-native-rebuild](https://timesof.ai/2026/10/hex-100m-1-2b-hex-4-agent-native-rebuild)

> Data-analytics company Hex said on October 27 that it closed a $100 million round at a $1.2 billion valuation, led by Peak XV and 137 Ventures, and launched Hex 4.0, which CEO Barry McCardel describes as a from-scratch rewrite built around code and AI agents. FinSMEs, which names Peak XV as the sole lead, describes the valuation as post-money. The product claims are Hex's own; we found no independent review of Hex 4.0.

Hex's case for its new round is that analytics software built before AI agents cannot simply be retrofitted for them, so it threw out its own product and started again, according to CEO Barry McCardel.

## The round

McCardel wrote that Hex closed a $100 million financing round at a $1.2 billion valuation led by Peak XV and 137 Ventures, with participation from Amplify, Avra, a16z, Redpoint, Sequoia and Zero Prime. FinSMEs reports the same amount at a $1.2 billion post-money valuation, names Peak XV Partners as the lead and lists Amplify Partners, Andreessen Horowitz and Sequoia Capital as participating existing investors. McCardel wrote that the money will help Hex scale its team and expand go-to-market, and that Peak XV believed "model-independent platforms were going to have a bright future ahead."

## Why Hex started over

McCardel wrote that Hex, founded in 2019 and used by over 2,500 customers, decided a few months ago to build a clean-sheet version of its product. He said the old architecture, with a data model and core assumptions set in 2020 and 2021, had left its agent harness "bloated with hundreds of tools," made external agents use Hex "through a keyhole via MCP," and ran on a compute engine not built for the high-concurrency, iterative workflows agents favor. He also wrote that data work is increasingly happening in tools such as Cursor, Codex, Cognition and Claude, with people "vibe coding" dashboards and reports instead of using legacy BI tools.

## What Hex 4.0 is, in Hex's words

Hex describes Hex 4.0 as a from-scratch rewrite whose core assumption is that "everything is code," with context, controls and compounding to make it trusted, built on plain code rather than a proprietary YAML format. McCardel wrote that the rewrite was "greatly accelerated by using agents to write all of the code," guided by the team's experience building data platforms. He argued that the old BI paradigm is over and that "no amount of bolting a chatbot sidebar onto the legacy platforms is going to change that."

## Limits

- The post-money basis of the valuation comes from FinSMEs; Hex's post gives a $1.2 billion valuation without saying whether it is pre- or post-money.
- Hex names Peak XV and 137 Ventures as leads; FinSMEs names only Peak XV, and the two list different participating investors.
- Hex says it has over 2,500 customers; FinSMEs says hundreds of enterprise customers. Neither gives revenue.
- We found no independent testing of Hex 4.0; the product description here is Hex's.

## Sources

- [Hex (Barry McCardel): A new era for Hex, and data (October 27, 2026)](https://hex.tech/blog/hex-new-era/)
- [FinSMEs: Hex Technologies Raises $100M in Funding at $1.2 Billion Post-Money Valuation (October 27, 2026)](https://www.finsmes.com/2026/10/hex-technologies-raises-100m-in-funding-at-1-2-billion-post-money-valuation.html)