Israeli cloud backup co Eon raises $77m

Israeli cloud backup solution developer ion announced its launch from stealth and the completion of a $77 million Series B funding round led by Greenoaks with participation from Quiet Ventures.

Since being founded in January 2024 by CEOs Ofir Ehrlich, Gonen Stein, and Ron Kimchi, Eon has secured three rounds of funding. A $20 million seed round and a $30 seed round led by Sequoia Capital with participation from Vine Ventures, Meron Capital, and Eight Roads. The latest round brings total funding to $127 million, led by Lightspeed Venture Partners and with participation from Sheva.

Eon has developed Backup Autopilot for cloud infrastructure to monitor cloud resource sprawl and bring cloud backup posture management (CBPM) to enterprises. The company replaces traditional backup tools and generic snapshots, turning backups into useful and manageable assets.

Eon’s founders previously founded CloudEndure, which was acquired by Amazon for $250 million in 2019, where they built and led disaster recovery and cloud migration services on AWS. Their experience working with the largest companies revealed a clear hole in the cloud infrastructure backup and recovery market, leading to the creation of Eon.

Ehrlich said: “Eon has reimagined what backup means to enterprises by introducing a new era of cloud backup storage and management. We have supportive funding partners who deeply understand the value of making it searchable. It’s portable and convenient.”

Eon continuously and autonomously scans, maps, and classifies your cloud resources, provides backup recommendations based on business and compliance needs, and ensures that the appropriate backup policies are used. Existing solutions rely on snapshots. Snapshots are unsearchable black boxes, require full recovery, and are vendor-locked. In contrast, Eon’s next-generation backup storage is fully managed, portable, and offers global search capabilities. This allows customers to search and restore individual files and seamlessly run SQL queries against backed up database snapshots without provisioning resources.

Published by Globes, Israel Business News – en.globes.co.il – on October 1, 2024.

© Globes Publisher Itonut (1983) Ltd., Copyright 2024.