Summary:
Eon achieves a valuation exceeding $1 billion in less than a year.
Raised approximately $127 million in three funding rounds.
Valuation skyrocketed from $215 million to $750 million.
Founded by AWS alumni with a focus on cloud backup solutions.
Latest round raised $77 million with just 36 employees.
Eon Achieves Rapid Growth
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. 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 projections suggesting it could reach as high as $1.4 billion.
Rapid Fundraising Trajectory
Eon has been likened to "the next Wiz" due to its rapid fundraising trajectory and high-caliber team, attracting interest from nearly every major local and international venture capital fund. However, unlike Wiz, which quickly demonstrated significant sales growth, it remains unclear whether Eon has started generating substantial revenue. The company focuses on developing advanced cloud backup solutions for businesses and enterprises.
Founders and Funding Rounds
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. This was followed by an additional $30 million in a second round, valuing Eon at $215 million.
In the latest Series B round, completed in the summer of 2024, Eon raised $77 million at a valuation of $750 million. This round was led by Greenoaks with participation from Quiet Ventures, marking a significant achievement for a startup operating with just 36 employees across offices in New York and Tel Aviv.
Entrepreneurial Roots
Ehrlich and Stein’s entrepreneurial journey traces back to CloudEndure, a company they co-founded in 2013, which raised only $18 million and was sold to AWS for $200 million in 2019. At AWS, they met Kimchi, who now joins them in leading Eon, a startup that is generating remarkable attention and investment even before launching its first product.
Comments