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As a new company, Hex has been growing quickly, and its platform for data scientists to work together is also growing quickly. Because of this, two of the most important strategic investors in the industry, Andreessen Horowitz and Snowflake and Databricks, have taken notice of the company.
CEO and co-founder Barry McCardel said it’s because his company isn’t just trying to reach a small group of highly trained data scientists like many other products in this space. Instead, it is trying to reach a much larger group of business users who are good at analysis but don’t have the full set of skills needed for data science.
He said, “Our target audience is a very large group of people who are pretty good at analysing things.” “They could be from Excel, know SQL, or be able to write Python. All of these people can go to Hex. They can work together, share data, and look at it together.”
He sees Hex as the interface for the modern stack, which could include many tools like investors Snowflake and Databricks. “We hope that the information will be useful. We also want people to be able to get to it and look at it. He said, “Hex is the key to getting into that.”
As part of the deal to raise money, a16z general partner Sarah Wang will join the Hex board. She thinks that the new company is changing the way data sharing works. She said in a statement, “Hex is changing the data space by letting data scientists link their data, analyse it, and then share it through interactive and collaborative apps.” “This makes it easier for both technical and non-technical teams to make the right decisions faster.”
When we asked Hex in October about its $16 million Series A, the company told us that it had dozens of customers. McCardel said that the number of customers and revenue have grown four times in the five months since then.
Since October, the company has almost doubled in size, going from 18 to 35 employees. The next year, they plan to add about the same number again. McCardel said that his company was putting a lot of thought and work into building a diverse team when it got its Series A funding, and that is still true as it grows.
“We know that teams with people from different backgrounds do the best work. So, we keep putting it at the top of our list. McCardel said, “I think the results we’ve been able to get show what a great group of people we’ve been able to bring together.”
The company announced the $52 million Series B to the public today. Along with a16z and the two strategics, the round also included Redpoint and Amplify Partners, who had already invested in the company. The investment adds to the $5.5 million in seed money and $16 million in Series A money that were raised in 2020, bringing the total to over $73 million.
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