Dec 2, 2024

Eon, a next-generation cloud backup platform, announced that it has raised a $70 million Series C funding round led by BOND, growing its valuation to $1.4 billion. Several existing investors joined the round, including Sequoia Capital, Greenoaks, and Lightspeed Venture Partners. Eon’s 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. Launched in January 2024, Eon has already filed dozens of patents for cloud storage and data management technologies and raised $200 million in funding. Enterprises from every industry spend millions of dollars a year on cloud backups for both business and compliance needs. However, cloud backup operations remain a challenge, and currently, backups offer little tangible benefit or value. Even when backed up properly, backups remain challenging to access, manage, and operationalize, leaving enterprises in risky positions. Eon is the first backup platform for the age of cloud infrastructure. Setting up a new storage tier enables instant access to backed-up data, which, until now, has been a black box. And Eon’s platform eliminates manual backup tasks by autonomously scanning, mapping, and classifying cloud resources. Eon enables enterprises to finally control and utilize their backups, offering full visibility and seamless access to data whenever needed. Eon was launched in October with $130 million in funding. It was launched by Ofir Ehrlich and Gonen Stein, members 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. With the new funding from BOND, Eon has raised $200 million in under a year from Sequoia Capital, Lightspeed Venture Partners, Greenoaks, and dozens of industry leaders. KEY QUOTES: “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. Eon is setting a bold new benchmark for how companies operate, and we’re excited to support them in driving this transformation forward.” – Jay Simons, Partner at BOND “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. 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”. – Ofir Ehrlich, Co-Founder and CEO of Eon Pulse 2.0 focuses on business news, profiles, and deal flow coverage.