Eon Launches out of Stealth with $127 Million to Reinvent Cloud Infrastructure Backup

Founded in January 2024, Eon's vision for the future of cloud backup posture management has attracted funding from Sequoia Capital, Lightspeed Venture Partners, Greenoaks, and dozens of industry leaders

NEW YORK, Oct. 1, 2024 /PRNewswire/ -- Eon, a next-generation cloud backup solution, announced its launch from stealth, having raised a total of $127 million in funding. The first backup autopilot for the age of cloud infrastructure, Eon monitors cloud resource sprawl and brings cloud backup posture management (CBPM) to enterprises. Eon replaces legacy backup tools and generic snapshots, transforming backups into useful, easy-to-manage assets.

Eon was founded by Ofir Ehrlich, Gonen Stein, and Ron Kimchi, the team behind CloudEndure, which was acquired by Amazon in 2019, where they built and led the Disaster Recovery and Cloud Migration services at AWS. Their experience working with the biggest companies revealed a glaring hole in the cloud infrastructure backup and recovery market, leading to the creation of Eon. 

Since its founding in January 2024, Eon has secured three rounds of funding; a $20 million Seed led by Sequoia Capital with participation from Vine Ventures, Meron Capital, and Eight Roads, a $30 million Series A led by Lightspeed Venture Partners and participation from Sheva, and a $77 million Series B led by Greenoaks with participation from Quiet Ventures.

The global cloud infrastructure market is growing at an aggressive pace, expected to reach $838 billion by 2034, with enterprises estimating that 10-30% of their total cloud bill will be spent on backup storage and management. However, the scale and dynamic nature of the cloud have led to enterprises losing control over their backups. Current backup management methods require time-consuming, manual data classification and tagging processes, agents and appliances, face mounting prohibitive costs, and ultimately produce backups that are not accessible. 

"Eon has reimagined what backups can be for enterprises by introducing a new era of cloud backup storage and management," said Ofir Ehrlich, Co-Founder and CEO of Eon. "We are fortunate to have supportive funding partners who deeply understand the value of unlocking cloud backups to be truly automated, globally searchable, portable, and useful".

Eon autonomously scans, maps, and classifies cloud resources continuously, providing backup recommendations based on business and compliance needs, and ensuring the appropriate backup policy is in use. Existing solutions rely on snapshots, which are non-searchable black boxes, that require full restores, and are vendor-locked. In contrast, Eon's next-generation backup storage is fully managed, portable, and provides global search capabilities. This enables customers to find and restore individual files and run SQL queries on backed-up database snapshots seamlessly, without any resource provisioning. 

"In an industrywhere file restoration can take weeks, Eon's novel backup solution pinpoints data instantly, saving time, money, and compliance headaches for customers," said Shaun Maguire, Partner at Sequoia Capital. "With a world-class team led by cloud pioneers Ofir, Gonen, and Ron - Eon is bringing the next generation of cloud backup management to market."

"Investing in the right company begins with investing in the right team, and with Eon we saw an exceptional team, uniquely skilled for the task at hand," said Tal Morgenstern, Partner at Lightspeed. "Eon is addressing a critical need as enterprises accelerate their cloud adoption and face headwinds of data protection concerns. We are thrilled to support their mission." 

"Storage and backup are among the largest parts of the IT budget," said Patrick Backhouse, Partner at Greenoaks. "Yet customers are stuck with frustrating, outdated options, leaving them with poorly optimized costs; incomplete data inventories; and shallow classification. Eon has the team, the expertise, and the ambition to develop an entirely new product that we believe will become the cognitive referent for cloud-native backup. We are proud to partner with Ofir and his team early in their journey, as they break the trade-off between price, performance, and transparency."

About Eon

Eon is a next-generation cloud backup solution, introducing the first backup autopilot for the age of cloud infrastructure. It 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, Gonen Stein, and Ron Kimchi, the team behind CloudEndure (acquired by Amazon), Eon is backed by leading venture capital firms including 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