Funding rounds bring in $127M for cloud data backup firm Eon

Eon, a company that provides cloud infrastructure backup solutions, has emerged from stealth with $127 million in funding and a $750 million valuation, reports TechCrunch.

Founded by the team behind CloudEndure, which was acquired by Amazon, Eon aims to solve the complexities of cloud infrastructure backup that legacy solutions struggle to address. As cloud environments expand, the need for comprehensive backup grows, particularly with increasing data sizes and cybersecurity risks. Even a small company may have hundreds of terabytes of data stored in the care of a cloud provider, with a complex list of assets covering apps, edge devices, network appliances and data that isn’t accessed regularly, noted Eon CEO Ofir Ehrlich.

Ehrlich says his startup offers “a novel approach to storage and secondary storage” focusing on efficient storage and secondary storage methods, which significantly reduce recovery times and compliance challenges. The company’s solution “pinpoints data instantly, saving time, money, and compliance headaches for customers, said Shaun Maguire, partner at Sequoia Capital, which led a recent seed round.