Hex Raises $100 Million After Deleting Millions of Lines of Code

Analytics company Hex raised $100 million in a Series D funding round led by Peak XV, raising the company's valuation to $1.2 billion. Andreessen Horowitz, Sequoia, and Amplify Partners also participated in the round, which was announced as the company revealed its product's pivot to an "agent-first" model.

The company stated that it deleted millions of lines of code and abandoned pre-AI features, such as drag-and-drop chart builders and app builders, because agents now write this code themselves. It added that the new platform is entirely code-defined so that agents can use it.

Users can now pull Hex projects into tools like Codex, Claude, and Cursor, then send the results back to Hex for sharing, management, and monitoring. Barry McCardel, co-founder of the company, believes that companies refusing to rebuild their products for agents will be vulnerable to the "death of SaaS."

Hex was founded by former Palantir engineers, and the new round nearly doubles its funding compared to its $70 million Series C round closed in May 2025. The company has not yet specified how the new funds will be used.

What do these terms mean?

AI Agent: A program based on an AI model that can execute multiple steps independently to achieve a goal, rather than merely responding to a single question.

Software as a Service (SaaS): A model in which a company offers software online via a monthly or annual subscription, rather than selling it as a copy installed on the customer's device.

Series D Funding Round: A late-stage round typically used to scale a company that has proven its product, and may precede an IPO or acquisition.

Valuation: The value assigned to a company by investors when injecting new capital into it, reflecting their expectations for its future growth and profits.