Thursday, June 1, 2023

Hex Receives Series A


Firms are increasingly attempting to figure out how to use data to improve business outcomes.

Data scientists and other workers at Hex have received a $16 million Series A funding today. The round follows the start-up’s $5.5 million seed round, which reveals just over six months ago.

Previous investors Amplify Partners, Data Community Fund, Geometry, Operator Collective, Tokyo Black, Vandelay Ventures, XYZ Venture Capital, and several anonymous industry angels all contributed to today’s investment. According to the firm, Hex now has successfully raised $21.5 million.

Hex’ Grind

Since that initial investment, when it was delivering a beta of its young product, the start-up hasn’t sat still. According to CEO and co-founder Barry McCardel, the company now has a more comprehensive product. He also said that they’ve just introduced a brand-new version called Hex 2.0. It significantly alters the way many data science operations operate.

According to the tool’s description at the time of the $5.5 million seed round in March. Most data scientists work with data in online notebooks like Jupyter.

Hex is building a super-charged notebook that allows users to easily import data from Snowflake or Amazon Redshift. Work with and format it, then drag and drop components from the notebook page — such as a chart or a data set — to fast develop an app that they can share with others.

Hex is aiming at well-known data science notebook tools like Jupyter. Which, while popular, comes with a lot of baggage, according to McCardel.

So, while code notebooks like Jupyter have been quite popular in the past. They have significant concerns with reproducibility, interpretability, and performance. These are well-known items. Hex 2.0 intends to address those difficulties, according to him.

The Hex Community

They already have dozens of customers and have grown from five staff members when the seed announces to 18 now. With hopes to reach approximately 24 by the end of the year. The company wants to build a business that reflects its founders’ diversity, including CTO Caitlin Colgrove and Chief Architect Glen Takahashi.

He noted that building a diverse team has been a priority from the start. For them, that means ensuring that every step of the hiring process, from sourcing to interviewing to offer, is fair. They’ve also embraced distributed hiring, reached out to and partnered with other communities, and sought out fresh opportunities.

The company partnered with dbt Labs to prepare data from data warehouses like Snowflake for analysis in tools like Hex. Both firms will share several integrations to make operating in either platform easier.

Miguel Garcia
Miguel Garcia
Miguel Garcia is a writer for Cryptoconstellation. Miguel has always been fascinated with Crypto. He has experience in Business and finance. Miguel loves sport cars and football.

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