Eon, an Israeli-US cloud software firm, wants to usher in a "new era of cloud backup storage and management" after raising $127 million in funding.
The company, founded by Ofir Ehrlich, Gonen Stein, and Ron Kimchi, says it can offer the first cloud backup autopilot, creating easy-to-manage assets.
The team already has one big success under its belt, having built CloudEndure and sold it to Amazon Web Services for around $250 million in 2019.
And despite launching as recently as January this year, Eon has now raised 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 with participation from Sheva; and a $77 million Series B led by Greenoaks with participation from Quiet Ventures.
It was at AWS that the team apparently realized there was a gap in the market, with enterprises losing control over their backups. Current backup management methods, they point out, require time-consuming, manual data classification and tagging processes, agents, and appliances – leading to high costs and backups that aren't always easily accessible.
"Eon has reimagined what backups can be for enterprises by introducing a new era of cloud backup storage and management," said co-founder and CEO Ofir Ehrlich.
"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 is designed to autonomously scan, map, and classify cloud resources continuously, providing backup recommendations based on specific business and compliance needs, and making sure the appropriate backup policy is in use.
Backup storage is fully managed and portable, with global search capabilities that allow 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.
The global cloud infrastructure market is showing a compound annual growth rate (CAGR) of 12.5% from 2024 to 2034, when it's expected to reach $838 billion, according to Precedence Research.
And, says the firm, the enterprises it surveyed estimated that between 10 and 30% of their total cloud bill was being spent on backup storage and management.
"Storage and backup are among the largest parts of the IT budget. Yet customers are stuck with frustrating, outdated options, leaving them with poorly optimized costs; incomplete data inventories; and shallow classification," said Patrick Backhouse, partner at Greenoaks.
"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."
