Eon, a startup founded by AWS veterans, has achieved unicorn status in less than a year, raising $70 million in a Series C funding round led by American investment firm BOND. The round, which included participation from return investors Sequoia Capital, Greenoaks, and Lightspeed Venture Partners, brings Eon’s total funding to around $200 million and values the company at $1.4 billion. Emerging from stealth earlier this year, Eon had previously completed three funding rounds, raising approximately $127 million.
The company’s platform eliminates manual backup tasks by autonomously scanning, mapping, and classifying cloud resources, allowing enterprises to control and utilize their backups with full visibility and seamless access to data whenever needed. Eon was founded by AWS alumni Ofir Ehrlich, Ron Kimchi, and Gonen Stein. Ehrlich and Kimchi oversee the development center in Tel Aviv, while Stein handles business operations from New York.
The company’s first funding round, completed before its formal launch, raised $20 million, led by Sequoia Capital with participation from Vine Ventures, Eight Roads, and Meron Capital. Shortly after, Eon secured an additional $30 million in a second round led by Lightspeed, with participation from Omri Casspi’s Sheva, making Casspi the company’s largest Israeli investor.
Eon secures major Series C funding
This round valued Eon at $215 million. The latest Series B round, completed in the summer of 2024, raised $77 million at a valuation of $750 million. Led by Greenoaks with participation from Quiet Ventures, this round was particularly noteworthy for a startup less than a year old, operating with just 36 employees split between offices in New York and Tel Aviv.
Ehrlich and Stein’s entrepreneurial roots trace back to CloudEndure, a company they co-founded in 2013. CloudEndure developed technology enabling organizations to transition to the cloud efficiently and securely, with built-in infrastructure for rapid recovery against data loss. The company raised $18 million, achieved early profitability with an annual revenue of about $20 million, and was sold to AWS, Amazon’s cloud division, for $200 million in 2019.
At AWS, Ehrlich and Stein met Kimchi, who had joined as the General Manager of Disaster Recovery and Cloud Migration in Israel, overseeing projects rooted in CloudEndure’s technology. Together, the trio now leads Eon, a startup generating remarkable attention and investment even before launching its first product.
