Hex deletes its code, raises $100M to go "agent-first
What's the deal? Hex Technologies has raised a $100 million Series D led by Peak XV, valuing the data analytics startup at $1.2 billion. Andreessen Horowitz, Sequoia, and Amplify Partners also joined the round, announced alongside a pivot to an "agent-first" product.
Why now? AI coding tools like Claude CodeDealroom has a profile for this one. Try Dealroom → and CodexDealroom has a profile for this one. Try Dealroom → now let users generate data visualisations by feeding an agent data directly, bypassing traditional software interfaces. For Hex — founded by ex-Palantir engineers Barry McCardel, Caitlin Colgrove, and Glen Takahashi — that shift prompted a rethink.
What's the endgame? After its best quarter in Q1 2026, Hex deleted millions of lines of code, scrapping "pre AI" features like chart builders and query constructors. Those features "now just don't matter because the agents just write the code for all of it," McCardel said.
The rebuilt platform is defined entirely in code so agents can use it. Users can pull Hex projects into Codex, Claude, and CursorDealroom has a profile for this one. Try Dealroom →, then push results back to Hex to be shared, governed, and observed.
Why it matters: The round feeds a debate over the so-called "SaaSpocalypse" — the idea that AI agents will kill traditional software. Salesforce CEO Marc Benioff called the concept "crazy nonsense" at Dreamforce 2026. McCardel disagrees, at least for those who stand still.
What could go wrong? Not everyone buys the premise. The International Data Corporation argues enterprise SaaS tools are systems of record and governance frameworks, not just task executors — meaning the value sits in the data model and audit trail, not the interface. Warehouse providers Snowflake and Databricks are also adding natural-language analytics, squeezing standalone tools.
By the numbers: The $100 million round nearly doubles the $70 million Series C Hex raised in May 2025. At $1.2 billion, the valuation ranks the raise among the larger recent deals in its category.
The signal: "I 100% believe this saaspocalypse narrative for companies that aren't willing to do that," McCardel said, pointing to the Miro and Airtable fire sales to Bending Spoons. Hex is betting that surviving the AI shift means rebuilding for agents — not bolting AI onto old software.
Read more: ca.news.yahoo.com
Image credit: Hex Technologies
