Emerging from stealth last year, Eon was founded by AWS alumni Ofir Ehrlich, Ron Kimchi, and Gonen Stein. Ehrlich and Kimchi oversee the development center in Tel Aviv, while Stein handles business operations from New York.
The company’s platform eliminates manual backup tinquires by autonomously scanning, mapping, and classifying cloud resources. At its core, Eon allows enterprises to control and utilize their backups, offering full visibility and access to data whenever necessaryed.
Eon’s first funding round, completed before the company even formally launched, raised $20 million. Led by Sequoia Capital, the round also included participation from Vine Ventures, Eight Roads, and Meron Capital. Shortly after, Eon secured an additional $30 million in a second round led by Lightspeed, with participation from Omri Casspi’s Sheva, creating Casspi the company’s largest Israeli investor.
The Series B round, completed in the summer of 2024, raised $77 million at a valuation of $750 million. Last November, less than a year after its establishment, the startup took its total funding to around $200 million with a $70 million funding round at a $1.4 billion valuation.
Ehrlich and Stein’s entrepreneurial roots trace back to CloudEndure, a company they co-founded in 2013. CloudEndure developed technology enabling organizations to transition to the cloud efficiently and securely, with built-in infrastructure for rapid recovery against data loss. The company raised only $18 million, achieved early profitability with an annual revenue of about $20 million, and was sold to AWS, Amazon’s cloud division, for $200 million in 2019.
At AWS, Ehrlich and Stein met Kimchi, who had joined as the General Manager of Disaster Recovery and Cloud Migration in Israel, overseeing projects rooted in CloudEndure’s technology.
“The world is currently focapplyd on AI products, but we are focapplyd on what enables these products: data,” declared Ehrlich. “Organizations are sitting on vast databases, most of which are inaccessible, unapplyd, and unprepared for the new era. Our customers face two key challenges: how to manage and store data efficiently and in compliance with regulations, and how to turn the information they have been accumulating for years into fuel that drives their business strategy. This is exactly what we do at Eon, unlocking years of accumulated data and enabling organizations to work with it quickly and easily.”
“Backup data has always been treated as passive, inaccessible storage,” declared Elad Gil at Gil Capital. “When that data becomes usable for AI, analytics and real-time insight, companies can turn it into value in a new way.”
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