Hex Raises $100 Million at $1.2 Billion, Led by Peak XV and 137 Ventures

Hex, the data analytics company, said on October 27, 2026 that it raised $100 million led by Peak XV and 137 Ventures at a $1.2 billion valuation. Both numbers come from a blog post by Barry McCardel, and they are the company's own. The post does not say whether the valuation is pre-money or post-money, and it does not name a series.

That makes this an announced round rather than a documented one. The Terminal found no regulatory filing and no second outlet confirming the amount at the time of writing.

What the Hex announcement lists

The post names seven other participants: Amplify, Avra, a16z, Next Legacy, Redpoint, Sequoia and Zero Prime. It says Hex serves more than 2,500 customers and describes the latest quarter as its "best-ever", with no revenue or annual recurring revenue figure attached to either claim.

Without revenue, the only multiple available is valuation per customer. $1.2 billion across 2,500 customers works out to $480,000 of valuation for each one. The post does not say how many of those customers pay, or how much, so the figure shows the size of the bet and nothing about unit economics.

How the round compares with Hex's May 2025 Series C

SiliconANGLE reported on May 28, 2025 that Hex raised $70 million in a Series C led by Avra Capital. It put total funding at $172 million, a figure it attributed to Tracxn, and gave no valuation. If that total is complete, the new $100 million takes lifetime funding to about $272 million.

	May 2025 Series C	October 2026 round
Amount	$70 million	$100 million
Lead	Avra Capital	Peak XV, 137 Ventures
Valuation	Not stated	$1.2 billion
Also in	a16z, Amplify, Box Group, Redpoint, Sequoia, Snowflake Ventures	a16z, Amplify, Avra, Next Legacy, Redpoint, Sequoia, Zero Prime

Avra led the first round and is still on the list as a participant. Peak XV and 137 Ventures are new to the lead seats. Box Group and Snowflake Ventures, both named in 2025, do not appear in the October list in the post, which does not mean they sat out: the post names "other participants" without claiming to be exhaustive.

What Hex 4.0 changes

The money arrives with Hex 4.0, which McCardel calls "truly a from-scratch rewrite for the era of agents". Everything in the product is now code, he wrote, rather than a proprietary YAML format. Hex also runs an MCP server that connects ChatGPT, Claude and Codex to a Hex workspace.

The sentence in the post that a press release would not have kept is the admission: McCardel wrote that before the rewrite Hex was far from agent native "no matter how much we liked saying it". Hex had shipped a GPT-3 text-to-SQL prototype and, in February 2023, its Magic features, so the company is telling customers that its earlier AI layer sat on top of an architecture that was not built for agents.

A 30-day free trial of Hex Team is listed in the post.

What to watch next

Elsewhere in the funding file, Simplismart's $14 million Series B and MochaTrade's $5.5 million seed show how small the rounds around this one are. Hex's figure is the large one here, and it is unverified beyond the company's word.

The confirming document is a Form D. A US issuer that files one must do so within 15 days of the first sale of securities, which would put it in the first half of November 2026 if the round has already closed. If none appears, the $100 million is a commitment, not a closed raise.