Next-generation cloud backup provider, Eon, has emerged from stealth mode after securing $127 million in capital. The company aims to transform cloud backup management by introducing cloud backup posture management (CBPM) and resource sprawl monitoring.
Eon’s technology replaces traditional backup methods with an automated and manageable system, positioning backups as dynamic assets for enterprises. This innovation marks the company’s bid to lead the future of cloud infrastructure management.
Eon was founded by the team behind CloudEndure, a cloud disaster recovery and migration platform acquired by Amazon in 2019. Co-founders Ofir Ehrlich, Gonen Stein, and Ron Kimchi were instrumental in developing Amazon Web Services’ (AWS) Disaster Recovery and Cloud Migration services. Their extensive experience with some of the largest organizations in the world highlighted the challenges of cloud infrastructure backup and recovery, prompting them to establish Eon in January 2024.
Eon has raised $20 million in seed funding from Sequoia Capital, with additional backing from Vine Ventures, Meron Capital, and Eight Roads. This was followed by a $30 million Series A round led by Lightspeed Venture Partners and Sheva, and most recently, a $77 million Series B round led by Greenoaks with participation from Quiet Ventures. The company’s total capital raised now stands at $127 million.
$838 Billion Market by 2034
The global cloud infrastructure market is projected to reach $838 billion by 2034, with backup storage and management expected to account for 10-30% of enterprises’ cloud spending. However, as the size and complexity of cloud environments increase, businesses are losing control over their backups. Current backup management solutions are outdated, relying on static snapshots and manual processes that drive up costs and lead to inefficiencies.
According to Eon’s co-founder and CEO, Ofir Ehrlich, “Eon has redefined what backups can be for enterprises by ushering in a new era of cloud backup storage and management.” He emphasized the support from funding partners who recognize the importance of unlocking the full potential of cloud backups, making them automated, globally searchable, portable, and more useful for businesses.
Eon’s platform continuously scans, maps, and categorizes cloud resources. It provides backup recommendations based on a company’s compliance and business needs, ensuring that the correct backup strategies are in place. Unlike traditional vendor-locked snapshots, which would often require full restoration, Eon’s solution would offers globally searchable, fully managed, and portable backups. For example, users can query backed-up database snapshots using SQL and easily locate and restore individual files without the need for resource provisioning.
Backing of Prominent Investors
Sequoia Capital Partner Shaun Maguire highlighted the time-saving and cost-reducing benefits of Eon’s innovative backup solution, stating, “Eon’s solution locates data instantly, saving time, money, and compliance headaches in an industry where file restoration can take weeks.”
Tal Morgenstern, a partner at Lightspeed Venture Partners, noted the strength of the team behind Eon, saying, “Investing in the right team is the first step in choosing the right company. Eon is uniquely positioned to fill a vital gap as businesses embrace cloud computing and face challenges related to data security.”
Patrick Backhouse, a partner at Greenoaks, added, “Storage and backup are among the largest portions of the IT budget, but businesses are still forced to rely on outdated, cumbersome solutions. Eon’s next-generation product promises to become the standard for cloud-native backup, combining performance, cost-efficiency, and transparency.”
With the backing of prominent investors and a founding team with proven expertise in cloud infrastructure, Eon is poised to disrupt the cloud backup market. The company’s focus on automation, data searchability, and portability addresses the evolving needs of enterprises as they navigate increasingly complex cloud environments. As cloud computing continues to expand globally, Eon’s innovative approach is expected to play a key role in shaping the future of cloud infrastructure management.
