Eon Exits Stealth with $127M Funding to Revolutionize Cloud Backup Solutions
A team of seasoned cloud infrastructure experts—previously behind the AWS-acquired startup CloudEndure—has unveiled Eon, a next-generation cloud backup platform. The company emerges from stealth with \(127 million in funding, a \)750 million valuation, and a mission to redefine how enterprises protect their cloud environments.
Funding Breakdown and Company Origins
Eon has secured three rounds of investment:
- $20M Seed Round: Led by Sequoia Capital, with participation from Vine Ventures, Meron Capital, and Eight Roads.
- $30M Series A: Spearheaded by Lightspeed Venture Partners, joined by Sheva.
- $77M Series B: Headed by Greenoaks, with Quiet Ventures also contributing.
Founded in Israel and New York, Eon began operations in January 2024, leveraging its team’s deep expertise in cloud recovery and infrastructure management.
The Growing Need for Modern Cloud Backup
Traditional backup solutions were designed for on-premises systems, but today’s cloud environments demand a more sophisticated approach. With enterprises storing hundreds of terabytes to petabytes of data across distributed networks, the challenges have multiplied:
- Complex asset management: Active apps, cold storage, edge devices, and network appliances all require protection.
- Rising cybersecurity threats: Ransomware attacks and compliance demands are driving backup budgets higher.
Ofir Ehrlich, Eon’s CEO, notes that 10–30% of infrastructure budgets are now allocated to backup solutions, reflecting the critical need for reliability in an era of escalating risks.
Lessons from the AWS Era: Why Backup Needs Reinvention
Ehrlich and co-founders Gonen Stein and Ron Kimchi previously built CloudEndure, acquired by Amazon in 2019 to bolster AWS’s disaster recovery capabilities. However, their experience revealed gaps in existing solutions.
Ehrlich recalls a pivotal moment: A major AWS customer suffered a ransomware attack, only to discover their backup coverage was incomplete due to “infrastructure drift”—changes over time left critical data unprotected.
“I assumed they were fully covered,” Ehrlich admitted. “But backup isn’t a ‘set and forget’ process. Modern systems evolve, and solutions must adapt.”
Eon’s Breakthrough Approach
While specifics remain under wraps, Eon’s technology combines:
- Real-time infrastructure observation: A novel method to track data without constant rewrites.
- Patented storage innovations: Streamlining backup and restoration processes.
Shaun Maguire of Sequoia Capital highlights Eon’s potential:
“In an industry where file restoration can take weeks, Eon pinpoints data instantly—saving time, cost, and compliance headaches.”
The Future of Cloud Backup
With enterprises projected to spend $838 billion on cloud infrastructure by 2034, Eon’s timing is strategic. By addressing the pitfalls of legacy systems, the company aims to set a new standard for reliability in an increasingly complex digital landscape.
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