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Hex scores $52M Series B to grow data science collaboration platform – TechCrunch

Hex has moved briskly on its evolutionary startup path, with its data science collaboration platform growing so rapidly that the company caught the eye of fundraising mega-corporation Andreessen Horowitz and two key industry strategic investors, Snowflake and Databricks.

The company’s CEO and co-founder, Barry McCardel, said that’s because his company isn’t just targeting a specific group of highly skilled data scientists, like so many products in this space, but is trying to reach a much broader group of business users who are analytically savvy but lack full data science skills.

“Our target audience is this really big group of people who are analytically fluent,” he said. “They might be from Excel, or they might be SQL-savvy, or they might write Python. All these people can come to Hex. They can collaborate, they can analyze data and they can share it.”

He sees Hex as an interface for the modern stack, which could include many tools, most notably investors Snowflake and Databricks. “We want this data to be useful. And we want people to be able to access and analyze them. Hex is an unlock for that,” he said.

Sarah Wang, general partner at a16z, who will join the Hex board as part of the funding agreement, sees the startup as a reinterpretation of data collaboration. “Hex is transforming the data space by enabling data scientists to connect their data, analyze it, and then share it through interactive and collaborative apps that help both technical and non-technical teams make the right decisions faster,” she said in an explanation.

When we last spoke to Hex in October around his $16 million Series A, the company spoke of dozens of customers. McCardel said the number of customers and sales have since increased fourfold, in just five months.

The company has also nearly doubled the number of employees since October, from 18 to 35, and plans to roughly double again next year. At the time of Series A, McCardel said his company had put a lot of focus and intent into building a diverse team and as it grows that remains the focus.

“We firmly believe that diverse teams do their best work. And that’s why we continue to prioritize that. And I think when you look at the results that we’ve been able to achieve, it’s really a reflection of this incredible group of people that we’ve brought together,” McCardel said.

The company today announced the $52 million Series B. In addition to a16z and the two Strategics, the existing investors Redpoint and Amplify Partners also took part in the round. The investment builds up the $5.5 million starting value in 2020 and the $16 million Series A in 2020 for a total of over $73 million.

Hex scores $52M Series B to grow data science collaboration platform – TechCrunch Source link Hex scores $52M Series B to grow data science collaboration platform – TechCrunch

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