Hex Launches 4.0 and Raises $100M at $1.2B Valuation

• Hex released version 4.0, a complete architectural rewrite designed to treat all data work as code for better agent integration.
• The company closed a $100 million financing round at a $1.2 billion valuation, led by Peak XV and 137 Ventures.
• The new platform addresses the limitations of legacy BI tools by providing context, controls, and guardrails for data work performed in external environments like Cursor and Claude.
• Hex argues that the traditional BI paradigm is ending, replaced by a code-rooted approach that supports high-concurrency, iterative agent workflows.

Funding and Investors

• The round includes participation from Amplify, Avra, a16z, Redpoint, Sequoia, and Zero Prime.
• Funds will be used to scale the team, expand go-to-market efforts, and accelerate product development.

Technical Shift

• Hex 4.0 moves away from proprietary formats to plain code to ensure compatibility with external agents.
• The new architecture supports high-speed, high-concurrency workflows that previous versions could not handle efficiently.