Hex Technologies, a San Francisco-based data analytics startup, has raised $100 million in Series D funding at a post-money valuation of $1.2 billion. The round was led by Peak XV Partners, with participation from existing investors Andreessen Horowitz (a16z), Sequoia Capital, and Amplify Partners.

The company plans to use the funding to develop its AI-powered data workflows, expand its engineering and product teams, grow its global enterprise business, and improve its cloud data workspace infrastructure.

Founded by CEO Barry McCardel, CTO Caitlin Colgrove, and chief architect Glen Takahashi, Hex provides a collaborative data analytics platform that supports SQL, Python, R, visual workflows, and interactive data applications. Its platform helps enterprise teams analyze data, build visualizations, and share insights.

Hex is also making a major shift toward an AI agent-first analytics platform. The company believes AI agents will increasingly handle tasks that traditionally required users to work through software interfaces.

As part of this transition, Hex has rebuilt significant parts of its product, removing features such as drag-and-drop app builders, chart builders, and query constructors. CEO Barry McCardel said these tools are becoming less important as AI agents can generate code and complete many of these tasks directly.

The move reflects a growing debate around the term “SaaSpocalypse.” This term describes concerns that AI could disrupt software‑as‑a‑service businesses. Hex is betting that software companies must redesign their products, around AI agents than simply add AI features to existing tools.

The company serves hundreds of enterprise customers globally and integrates with major cloud data platforms, including Snowflake, Databricks, Google BigQuery, and Amazon Redshift.

With its latest funding and product pivot, Hex aims to strengthen its position in the changing enterprise analytics market as AI reshapes how businesses interact with software.