- Founded
- 2024
- Headquarters
- New York, NY
- Latest Round
- Series C
- Est. Valuation
- ~$1,400M
Investment Thesis
Eon is a cloud backup platform that automatically maps datasets in cloud environments and applies correct backup rules, removing the need for manual tag creation. Founded in January 2024 by Ofir Ehrlich, Gonen Stein, and Ron Kimchi -- the team behind CloudEndure (acquired by Amazon for ~$250M) who built AWS's disaster recovery and migration services.
Eon emerged from stealth in October 2024 with $127M already raised across seed, Series A, and Series B rounds, achieving a $750M valuation before publicly launching. The company has since grown to a $1.4B valuation with its Series C, making it one of the fastest-growing companies in cloud infrastructure. Eon has offices in New York and Tel Aviv.
Cloud backup is a $12B+ market still dominated by legacy vendors (Veeam, Commvault, Veritas) whose architectures were designed for on-prem and bolted onto cloud as an afterthought — resulting in slow recoveries, vendor lock-in, and ballooning storage costs.
Eon is building cloud backup from scratch for the modern stack — cloud-native, infinitely scalable, and dramatically faster to recover from — targeting the massive installed base of enterprises fed up with legacy backup vendors.
Enterprise backup spend is growing 15%+ annually as data volumes explode and ransomware makes recovery capabilities mission-critical; CIOs rank backup modernization as a top-3 infrastructure priority.
Multi-cloud adoption and the surge in ransomware attacks have exposed the fragility of legacy backup architectures, creating a once-in-a-decade replacement cycle as enterprises move to cloud-native data protection.