Eon raises $70 million at $1.4B valuation, bringing total funding to $200M in less than a year
The Israeli startup has been likened to "the next Wiz" due to its rapid fundraising trajectory and high-caliber team, achieving unicorn status in less than 12 months.
Less than a year after its establishment, Eon, a startup founded by AWS veterans, has earned unicorn status, taking its total funding to around $200 million with a $70 million funding round at a $1.4 billion valuation. The round was led by American investment firm BOND. Several return investors joined the round, including Sequoia Capital, Greenoaks, and Lightspeed Venture Partners. Calcalist first revealed the story earlier this week.
Full list of Israeli high-tech funding rounds in 2024
Emerging from stealth earlier this year, the company had previously 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 has surpassed $1 billion, earning the company unicorn status. Notably, the company’s valuation skyrocketed from $215 million to $750 million between its second and third rounds.
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's platform eliminates manual backup tasks by autonomously scanning, mapping, and classifying cloud resources. At its core, Eon allows enterprises to control and utilize their backups, offering 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.
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.
