Eon rockets past $1 billion valuation in under a year, raising tens of millions more
AWS alumni had already previously raised $127 million in three funding rounds for Eon, which has been likened to "the next Wiz" due to its rapid fundraising trajectory and high-caliber team.
Less than a year after its establishment, Eon, a startup founded by AWS veterans, is raising tens of millions more in funding at a valuation exceeding $1 billion, Calcalist has learned. Emerging from stealth earlier this year, the company has already completed three funding rounds, raising approximately $127 million. In its most recent round, Eon was valued at $750 million. With this latest fundraising effort, the valuation is projected to surpass $1 billion and could reach as high as $1.4 billion. Notably, the company’s valuation skyrocketed from $215 million to $750 million between its second and third rounds.
Full list of Israeli high-tech funding rounds in 2024
Eon has been likened to "the next Wiz" due to its rapid fundraising trajectory and high-caliber team, which has attracted nearly every major local and international venture capital fund to pitch investment proposals. However, unlike Wiz, which quickly demonstrated significant sales growth, it is unclear whether Eon has begun generating substantial revenue. The company focuses on developing advanced cloud backup solutions for businesses and enterprises.
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.
Eon’s first funding round, completed before the company even formally launched, raised $20 million. Led by Sequoia Capital with Shaun Maguire as the responsible partner, the round also included 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. This round valued Eon at $215 million.
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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 the Azrieli Sharona complex in 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 only $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.
