Data Backup Startup Eon Soars To $4B Valuation After $300M Investment
- ByStartupStory | December 5, 2025
Series D Led By Elad Gil Triples Valuation In Under Two Years
New York-based cloud data management startup Eon has raised $300 million in an oversubscribed Series D funding round led by Elad Gil of Gil Capital, catapulting its valuation to $4 billion—nearly tripling from its prior assessment. The round brings Eon’s total capital to $500 million since its January 2024 founding by AWS alumni Ofir Ehrlich (CEO), Ron Kimchi, and Gonen Stein, with a Tel Aviv development center driving innovation.
Backup Data Transformed Into AI Fuel
Eon’s platform unifies, protects, and activates enterprise data across multi-cloud environments (AWS, Azure, Google Cloud), converting static backups into queryable data lakes for AI, analytics, and disaster recovery. Key capabilities include 30-50% storage cost reductions via incremental backups and low-cost tiers, immutable ransomware protection, automated policy assignment based on compliance/business needs, and direct SQL querying on Parquet-formatted backups—eliminating data movement overhead.
Customers report 90%+ faster data preparation, turning dormant assets into active intelligence. CEO Ehrlich emphasized dual priorities: “Efficient, compliant storage minimizing risk, and transforming data goldmines into AI/business fuel.”
Backers Bet On Data Resilience Inflection
Sequoia Capital, Lightspeed Venture Partners, Greenoaks, BOND, Affinity, Omri Casspi, and Vine Ventures participated. Gil noted: “Backup data evolves from passive storage to AI/analytics fuel, unlocking massive value.”
Proceeds accelerate R&D, cloud integrations, U.S. expansion, and hiring. Eon exited stealth October 2024 amid explosive growth in data protection/resiliency, targeting enterprises solving multi-cloud complexity.
Massive TAM Amid AI Data Explosion
$100B+ data management market grows 25% CAGR as AI demands structured/unstructured data. Eon’s posture management automates scanning/classification/indexing, enabling portability during outages and governance at scale.
Israeli roots (Tel Aviv R&D) leverage cybersecurity expertise; U.S. HQ drives enterprise sales. Competitors like Rubrik ($5.6B IPO), Cohesity focus recovery; Eon differentiates via AI-readiness.
Challenges: multi-cloud interoperability, regulatory compliance. Strengths: AWS heritage, rapid scaling.
Eon’s $4B milestone validates backup evolution—passive insurance to active AI engine—positioning as essential infrastructure for enterprise intelligence.
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