Eon, the innovative cloud backup platform, has announced a $70 million Series C funding round led by BOND, achieving a valuation of $1.4 billion (approximately €1.32 billion) in less than a year since its founding in January 2024. With this latest round, the company has raised a total of $200 million, establishing itself as the fastest-growing company in the cloud infrastructure sector.
A Revolutionary Solution for Cloud Backups
Eon’s business model addresses a critical issue in the enterprise space: the complexity and limitations of cloud backups. According to estimates, global spending on cloud services will reach $679 billion by the end of 2024. Despite massive investment, backups are often difficult to manage, with error-prone manual processes and data that are hard to access and utilize.
Eon proposes a paradigm shift with its cutting-edge platform. By introducing a storage layer that enables instant access to backed-up data, the company eliminates manual tasks through automated scanning, mapping, and classification of cloud resources. For the first time, businesses can efficiently control and leverage their backups, transforming them from passive assets into strategic tools.
“With Eon, we have created the first autopilot backup platform for the era of cloud infrastructure,” explains Ofir Ehrlich, co-founder and CEO of Eon. “Our goal is to redefine backups, allowing companies to access all their cloud backups instantly and turn them into an essential resource for their operations.”
Support from Leading Investors
The Series C round included participation from prominent investors such as Sequoia Capital, Greenoaks, and Lightspeed Venture Partners. Jay Simons, partner at BOND, emphasized Eon’s ability to transform the business landscape: “Eon not only improves processes; it completely redefines them. We are excited to support the company in its mission to establish a new standard in cloud backup management.”
The company was founded by industry leaders like Ofir Ehrlich and Gonen Stein, co-founders of CloudEndure (acquired by Amazon Web Services in 2019), and Ron Kimchi, former General Manager of Migration and Disaster Recovery Services at AWS. Since its launch in October, Eon has filed dozens of patents in storage and data management technologies, solidifying its position as a pioneer in the field.
Next Steps and Expansion
Eon will participate in the AWS re:Invent event, which will take place from December 2 to 6 in Las Vegas. During the event, Eon’s CTO, Ron Kimchi, along with Chris Rogers, Senior Manager of Storage Solutions at AWS, will lead a session on advanced capabilities for cloud backupA backup is a copy that is created and stored… and recovery.
With a clear vision for its future, Eon plans to continue its expansion, transforming the way businesses manage and access their cloud data. This achievement reinforces its commitment to turning backups into a competitive advantage, redefining data management in an increasingly digital world.
About Eon
Founded in 2024, Eon’s mission is to provide instant access to all backed-up data in the cloud through a next-generation platform. Backed by leading venture capital firms such as BOND, Sequoia, and Lightspeed, Eon is revolutionizing the industry with innovative solutions that turn backups into strategic, easy-to-manage assets.