Hex is on a fast-paced start-up path, and its data collaboration platform is growing at such a rapid pace that the company has caught the attention of fundraising mega-corporation Andreessen Horowitz and some of the industry’s top strategic investors. Kia, Snowflake and Databricks..
The CEO and co-founder of the company, Barry McCardell, said this is because his company is not targeting a specific group of high-skilled data scientists like many products in the field are—it is targeting a broader range of business users who are trying to reach those who have analytical knowledge but do not have full data skills.
“Our target audience is a very large number of people who, to one degree or another, have analytical thinking,” he said. “They may be from Excel, they may be proficient in SQL, or they may be writing in Python. All these people can go to hex. They can collaborate, analyze and share data.”
He sees Hex as an interface to modern stacks that investors can use for a range of instruments, including Snowflake and Databricks. “We want the data to be useful. And we want people to be able to access them and analyze them. Hex is unlocking,” he said.
Sarah Wang, general partner of a16z, who will join Hex’s board of directors as part of a funding deal, sees the startup as a new take on data collaboration. In a statement, he said, “Hex is transforming the data space by enabling data scientists to connect, analyze and then share their data through interactive collaborative applications, enabling both technical and non-technical teams to help make decisions.”
When we last spoke to Hex in October about the $16 million Series A, the company was talking about dozens of customers. Since then, customer numbers and sales have quadrupled in just five months, McCardell said.
The company has nearly doubled its workforce since October, from 18 to 35, and plans to almost double that next year. During Serie A, McCardell said that his company had put a lot of thought and effort into building a diverse team, and that as it grew it would remain in the spotlight.
“We strongly believe that different teams are doing their best. And so we continue to make it a priority. And I think if you look at the results that we’ve been able to achieve, it’s really a reflection of the incredible group of people that we’ve brought together,” McCardell said.
The company today announced a Series B worth $52 million. In addition to a16z and two strategic parties, existing investors Redpoint and Amplify Partners also participated in the round. The investment is based on $5.5 million starting in 2020 and $16 million in Series A in 2020, totaling over $73 million.