Hex raises $100 million Series D at $1.2 billion valuation as it rebuilds for AI agents

Hex, the collaborative data analytics and data science platform, has closed a $100 million Series D at a $1.2 billion valuation. The company announced the round on October 27, 2026.

The money is only half the announcement. Hex also unveiled Hex 4.0, a full rebuild of its platform aimed at a world where AI agents do more of the data work, and humans mostly check that work.

Who wrote the checks

Peak XV Partners and 137 Ventures led the round. Participating investors included Amplify Partners, Avra Capital, Andreessen Horowitz (a16z), Next Legacy, Redpoint Ventures, Sequoia, and Zero Prime Ventures.

The Series D follows a $70 million Series C that Hex raised in May 2025. Hex says it serves more than 2,500 customers. The company was founded by former Palantir engineers, including CEO Barry McCardel.

According to the research findings, Hex posted its best quarter in May 2026. The company tied the decision to raise more capital to plans to grow its workforce and expand its market presence.

What Hex 4.0 actually changes

Hex 4.0 redesigns the platform so that every interaction with data gets treated as code. That design choice matters because AI agents are much better at reading, writing, and executing code than at clicking through dashboards built for humans. If the underlying unit of work is code, an agent can pick it up, act on it, and leave a trail that people can inspect.

Hex frames the overhaul as a way to let agents handle data directly while keeping human users in control and able to oversee what happens.

The platform is also described as model-agnostic, meaning it is not tied to a single AI provider’s models.

Why investors keep funding the data layer

Hex’s round reflects growing investor interest in AI-native data tools built to complement agentic workflows, according to the research findings. Platforms designed from the ground up for agents are pitching themselves as replacements for legacy analytics systems that were built for a pre-agent era.

What this means for the analytics market

For Hex, the immediate implication is resources. A $100 million infusion gives the company room to expand its team and push harder into new customers, which is exactly what it says it plans to do.

The model-agnostic positioning could become a meaningful selling point. Enterprise buyers have grown wary of locking themselves into any single AI provider, and a platform that works across models offers a hedge against that risk.

At $1.2 billion, Hex will be judged on whether it can convert its customer base of more than 2,500 and its recent momentum into sustained growth that justifies the price.