Israeli cloud data-management startup Eon has raised $300 million in its Series D round, nearly tripling its valuation to $4 billion. The round was led by Gil Capital, founded by Elad Gil. With this latest raise Eon has secured $500 million in total funding since its launch in January 2024.
The Series D round also saw participation from existing backers, including Sequoia Capital, Lightspeed Venture Partners, and Greenoaks.
Eon came out of stealth last year and was founded by three former AWS executives — Ofir Ehrlich, Ron Kimchi, and Gonen Stein. Ehrlich and Kimchi run the company’s development center in Tel Aviv, while Stein manages the business operations from New York.
Eon’s platform removes the need for manual backup work by automatically scanning, mapping, and classifying cloud resources. It gives enterprises complete control over their backups, providing full visibility and on-demand access to their data whenever required.
Eon’s first funding round — completed even before its official launch — brought in $20 million. The round was led by Sequoia Capital, with additional participation from Vine Ventures, Eight Roads, and Meron Capital.
Soon after, the company raised another $30 million in a second round led by Lightspeed. This round also included Omri Casspi’s Sheva, making Casspi Eon’s largest Israeli investor.
Eon completed its Series B round in the summer of 2024, raising $77 million at a $750 million valuation. By last November—less than a year after the company was founded—it had increased its total funding to about $200 million through an additional $70 million round that valued the startup at $1.4 billion.
“The world is currently focused on AI products, but we are focused on what enables these products: data,” said Ehrlich. “Organizations are sitting on vast databases, most of which are inaccessible, unused, and unprepared for the new era. Our customers face two key challenges: how to manage and store data efficiently and in compliance with regulations, and how to turn the information they have been accumulating for years into fuel that drives their business strategy. This is exactly what we do at Eon, unlocking years of accumulated data and enabling organizations to work with it quickly and easily.”
“Backup data has always been treated as passive, inaccessible storage,” said Elad Gil at Gil Capital. “When that data becomes usable for AI, analytics and real-time insight, companies can turn it into value in a new way.”
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