Summary:
Eon has achieved unicorn status in less than a year with a valuation of $1.4 billion.
The recent $70 million funding round brings total funding to $200 million.
BOND, Sequoia Capital, Greenoaks, and Lightspeed are key investors backing Eon.
Eon's platform offers automated backup solutions, enhancing data management for enterprises.
Founded by AWS veterans, Eon is quickly gaining traction in the tech industry.
Eon: The Next Big Name in Tech
Less than a year after its inception, Eon, a promising startup founded by AWS veterans, has made headlines by achieving unicorn status with a total funding of approximately $200 million following a $70 million funding round led by American investment firm BOND at a valuation of $1.4 billion. Notable returning investors include Sequoia Capital, Greenoaks, and Lightspeed Venture Partners.
Rapid Fundraising and High-Caliber Team
Eon has been compared to "the next Wiz" due to its impressive fundraising trajectory and a high-caliber team that has attracted significant interest from both local and international venture capital funds. Despite this, unlike Wiz, Eon's revenue generation status remains unclear, raising questions about its sales growth.
Innovative Platform
Eon’s platform is designed to automate backup tasks by scanning, mapping, and classifying cloud resources autonomously. This allows enterprises to manage their backups more effectively, providing full visibility and seamless access to their data.
Founders and Initial Funding
Founded by Ofir Ehrlich, Ron Kimchi, and Gonen Stein, Eon has its development center in Tel Aviv, while Stein manages operations from New York. The company’s initial funding round, completed even before its launch, secured $20 million led by Sequoia Capital. This was followed by an additional $30 million in a second round led by Lightspeed, valuing Eon at $215 million.
Continued Growth
The latest Series B round, completed in the summer of 2024, raised $77 million at a valuation of $750 million, with Greenoaks leading the round. Eon operates with just 36 employees across its offices in New York and Tel Aviv, showcasing remarkable growth for a startup of its age.
Founders' Background
Ehrlich and Stein's entrepreneurial journey began with CloudEndure, a company they co-founded in 2013 that was sold to AWS in 2019 for $200 million. They met Kimchi at AWS, and together they now lead Eon, attracting considerable investment even before launching their first product.
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