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Hex, an AI-driven knowledge science and analytics startup, has secured $70 million in a Collection C funding spherical. In a knowledge house crowded with dashboards, notebooks, and enterprise intelligence (BI) instruments, Hex is betting the longer term belongs to unified and AI-native platforms.
The corporate plans to make use of the funds not solely so as to add extra AI capabilities but additionally to advance a extra formidable objective of changing fragmented and outdated analytics stacks that always result in inefficiencies and missed alternatives.
The most recent funding spherical was led by Avra, with participation from Snowflake Ventures, Sequoia, a16z, Amplify, Field Group, and Redpoint. Hex is already serving to prospects like Anthropic, Reddit, HubSpot, Cisco, NBA, Figma, StubHub, and Rivia sort out knowledge challenges and enhance how technical and enterprise groups work collectively.
The brand new funding reportedly brings Hex’s complete raised to $172 million. The recent capital helps Hex proceed its push to rethink how organizations method knowledge and analytics. Together with main income milestones, Hex lately acquired Hashboard – a BI and analytics platform.
Based in 2020 by former Palantir staff Barry McCardel, Caitlin Colgrove, and Glen Takahashi, Hex was born immediately out of the frustrations they skilled working with fragmented knowledge instruments.
As McCardel places it, “I typically say Hex is a really egocentric firm – and never simply within the regular approach for-profit firms are. I say it as a result of the entire firm exists to construct the information software we at all times wished we had: clever, built-in, collaborative, and versatile.”
Supply: Hex
“We had the ache. Leaping between fragmented instruments. Copy-pasting queries. Sharing a screenshot of a chart in a PDF of a deck through an e mail. We hated it, and have been initially confused why one thing like Hex didn’t exist within the cloud period – after which we determined to construct it.”
On the coronary heart of Hex’s platform is a notebook-style interface that helps Python, SQL, and no-code inputs. This enables its customers to research knowledge and construct fashions in a single place. Its reactive execution system immediately updates all analyses every time knowledge or logic adjustments, guaranteeing accuracy all through the workflow. This automated synchronization retains every thing constant with out requiring guide changes.
The corporate additionally emphasizes accessibility. It allows customers to bundle findings into interactive dashboards and share them with stakeholders by way of its App Builder characteristic. AI is deeply embedded in Hex’s platform by way of its Hex Magic suite, which acts like a wise AI assistant for debugging code and deciphering advanced logic.
“For years, the holy grail of information analytics has been a single platform that really serves each knowledge scientists and enterprise customers – with out compromise,” mentioned Anu Hariharan of Avra – lead investor of the funding spherical. “Hex has made that imaginative and prescient a actuality by constructing a software that’s simple to get began with, however highly effective sufficient for superior customers. By combining the flexibleness of notebooks with the accessibility of BI in an AI-native platform, they’ve cracked the code. We’re proud to help Hex as they assist usher within the long-awaited knowledge decade.”
The San Francisco-based startup shared that one of many key focus areas for the corporate now’s to redefine analytics workflows within the agentic AI period. In line with Hex, it’s not sufficient to simply combine an AI chatbot into the information stack. Hex is pushing for a “virtuous cycle of information work” the place completely different self-serve knowledge instruments reinforce one another.
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“At Hex, we’ve lengthy believed that our work ought to compound – that knowledge groups shouldn’t be caught rerunning the identical analyses, just for their insights to vanish right into a forgotten pocket book or buried slide,” mentioned CEO and co-founder Barry McCardel.
“The business is lastly waking as much as what we’ve recognized all alongside: the previous divide between notebooks and BI is damaged. AI-native, unified instruments are the longer term, and Hex is main the cost to interchange the outdated, fragmented knowledge stack as soon as and for all.”
McCardel factors out that as the information analytics business went by way of waves of consolidation, lots of the massive tech gamers, equivalent to Google and Salesforce, built-in analytics instruments into their bigger enterprise platforms. Nevertheless, as an alternative of streamlining the information workflows, many of those integrations ended up simply folding legacy BI approaches into greater ecosystems with out fixing the core issues.
Now, with AI altering what is feasible, the business is one other inflection level. McCardel believes that the subsequent wave of consolidation shall be much less about acquisition and integration, and extra about changing outdated instruments with AI-native platforms that allow organizations to harness their knowledge to its full potential.
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