Eon's Valuation Reaches $1.4 Billion in Under a Year, Becoming the Fastest Growing Company in Cloud Infrastructure

Eon Raises $70 million Series C Led by BOND, bringing its total funding to $200 million, to provide instant access to backed-up cloud data through its next-generation platform

NEW YORK, Nov. 26, 2024 /PRNewswire/ -- Eon, the next-generation cloud backup platform, announced today that it has raised a $70 million Series C funding round led by BOND, growing its valuation to $1.4 billion. Several return investors joined the round, including Sequoia Capital, Greenoaks, and Lightspeed Venture Partners. Eon's novel cloud backup posture management platform transforms data backups from a manual and cumbersome process into a simple and automated solution, enabling enterprises to unlock the true potential of their backed-up data. Founded in January 2024, Eon has already filed dozens of patents for cloud storage and data management technologies and raised $200 million in funding.

Companies are spending more than ever in the cloud, with the global annual spend expected to reach $679 billion by the end of 2024. Enterprises from every industry invest millions of dollars a year on cloud backups for both business and compliance needs. Despite its importance, cloud backup operations remain a challenge, and currently, backups offer little tangible benefit or value. Requiring error-prone manual work, companies regularly find themselves under or over-backed up. Even when backed up properly, backups remain difficult to access, manage, and operationalize, leaving enterprises in risky positions. 

Eon is the first backup platform for the age of cloud infrastructure. By creating a new tier of storage, it enables instant access to backed-up data, which until now has been a "black box." Eon's platform eliminates manual backup tasks by autonomously scanning, mapping, and classifying cloud resources. At its core, Eon allows enterprises to finally control and utilize their backups, offering full visibility and seamless access to data whenever needed. 

"Sometimes, an innovation arrives that doesn't just improve processes—it completely redefines them. From our first meeting with Eon's founders, we knew they were onto something that would reshape the enterprise landscape," said Jay Simons, Partner at BOND. "Eon is setting a bold new benchmark for how companies operate, and we're excited to support them in driving this transformation forward."

Founded by Ofir Ehrlich and Gonen Stein, of the CloudEndure founding team (acquired by Amazon Web Services in 2019), and Ron Kimchi, former general manager of AWS migration and disaster recovery services, Eon launched in October with $130 million in funding. With the new funding from BOND, Eon has now raised $200 million in under a year from Sequoia Capital, Lightspeed Venture Partners, Greenoaks, and dozens of industry leaders.

"With Eon we set out to put an end to backup challenges for enterprises by providing instant access to all backed-up cloud data. This fundamentally changes the essence of backups by making them instrumental to businesses for the first time," said Ofir Ehrlich, Co-Founder and CEO of Eon. "During our conversations with Jay and the BOND team it became clear how valuable they would be as a partner to Eon as we work to reinvent cloud backup management. BOND's track record of investing in industry-defining companies speaks for itself, and we are excited to have them join us".   

Eon will be attending AWS re:Invent in Las Vegas from December 2^nd – 6^th with CTO Ron Kimchi speaking at a breakout session. Alongside Chris Rogers, Senior Manager of Storage Solutions Architects at AWS, they will present a session that will explore advanced capabilities for cloud backup and recovery.

About Eon

Eon's mission is to provide instant access to all backed-up cloud data, through a next-generation platform – unlocking backups' true potential. By introducing the first backup autopilot for the age of cloud infrastructure, Eon brings cloud backup posture management (CBPM) to enterprises and transforms traditional, hard-to-use cloud backups into useful, easy-to-manage assets. Founded in 2024 by Ofir Ehrlich and Gonen Stein, of the CloudEndure founding team (acquired by Amazon), along with Ron Kimchi, former GM of AWS Migration and Disaster Recovery Services, Eon is backed by leading venture capital firms including BOND, Sequoia, Greenoaks, and Lightspeed, as well as dozens of industry leaders. For more information and to learn more, please visit https://www.eon.io/.

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SOURCE Eon