Hex raises $70M to expand AI-powered data analytics platform

Hex Technologies Inc., which provide an artificial intelligence-powered workspace for data science and analytics, today announced that it has raised $70 million in new funding to expand operations and accelerate development of its AI-powered data analytics platform.

Founded in 2020 by former Palantir Inc. employees Barry McCardel, Caitlin Colgrove and Glen Takahashi, Hex offers a collaborative data workspace designed to unify and streamline analytics workflows. The company’s mission is to build tools that help organizations make better use of data.

Hex’s main offering is a notebook-based interface that supports SQL, Python and no-code inputs that allows users to perform data analysis, build models and create visualizations. The platform’s reactive execution model ensures that changes in data or logic propagate automatically, maintaining consistency across analyses.

The company’s App Builder feature allows users to transform their analyses into interactive data applications without additional coding. Users can create dashboards and reports by selecting and arranging cells from the notebook that stakeholders can interact with directly. The idea is to bridge the gap between data teams and decision-makers for a more data-informed culture within organizations.

AI is woven into each layer of the workflow. Hex says it accelerates insight while eliminating redundant work and allowing data teams to scale impact across their organizations.

The AI features are offered under the “Hex Magic” suite. The various AI tools assist users in generating queries, debugging code and explaining complex logic and, in doing so, reduce the time and expertise required for advanced data tasks.

Hex says thousands of data teams across many industries rely on it to help them better understand their world. Notable customers include Reddit Inc., Cisco Systems Inc., the National Basketball Association Inc., HubSpot Inc., Figma Inc., Duolingo Inc., Anthropic PBC, Rivian Automotive Inc., Notion Inc. and Brex Inc.

The Series C round was led by Avra Capital, with a16z, Amplify Partners, Box Group, Redpoint Ventures LP, Sequoia Capital Operations and Snowflake Ventures also participating.

“For years, the holy grail of data analytics has been a single platform that truly serves both data scientists and business users — without compromise,” Avra founder and Managing Partner Anu Hariharan said in a media release. “Hex has made that vision a reality by building a tool that’s easy to get started with, but powerful enough for advanced users. By combining the flexibility of notebooks with the accessibility of BI in an AI-native platform, they’ve cracked the code.”

The new funding takes the total amount raised by Hex to $172 million, based on data from Tracxn. The company’s previous rounds include a Series B raise of $52 million in March 2022.

Image: Hex