Israeli startup Eon continues to break records, raising hundreds of millions of dollars at a valuation of $4 billion, Calcalist has learned. The startup, founded in early 2024, is rapidly emerging as the fastest-growing young company in the market and may even surpass Wiz in its growth rate. It reached unicorn status a year ago and is now completing its fifth funding round.
Last November, less than a year after its establishment, the startup founded by AWS veterans took 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.
Emerging from stealth earlier in 2024, the company had previously already completed three funding rounds, raising approximately $127 million.
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.
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.
The 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.