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 industry where
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."