Today Eon announced 3 funding rounds for its next-generation cloud backup solution. Vine Ventures seeded the team at their founding in Jan ‘24, alongside Sequoia, in a $20M round. Subsequently, Lightspeed led a $30M Series A and Greenoaks led a $77M Series B.
Investing in a team with earned insights…
The cofounders of Eon are a pair of 3: Ofir Ehrlich (CEO), Gonen Stein (CRO), and Ron Kimchi (CTO). They worked together (founding and building CloudEndure which would become the core of AWS’ Application Migration Service & Elastic Disaster Recovery) and have known each other since childhood!
- Ofir spent 7 years in 8200’s most elite cyber unit. He is an Aram graduate who contributed to two projects that won the Israel Defense Award. Ofir co-founded CloudEndure as VP R&D, which emerged as a leader in cloud migration and disaster recovery, culminating in a $250M acquisition by AWS in 2019. Ofir then spent 4.5 years at AWS, leading the MGN and DRS business units.
- Gonen has known Ofir since 18 years old and joined CloudEndure shortly after its founding to establish the U.S. headquarters and define global sales and partner strategy.
- In 2019, Ofir hired Ron to AWS, where they worked closely together. His expertise and leadership led to his promotion to Head of Product and eventually General Manager of the units.
Together, this team has built and experienced firsthand the glaring hole in hyperscalers’ solutions, which led to the creation of Eon.
Building in a large, important market with unmet customer needs…
The cloud backup market is characterized by 3 attributes: (1) very large (representing 10-30% of total cloud infrastructure spend that is expected to reach $1Tn in the next decade); (2) business critical (for continuity, and to serve customer requests and regulatory requirements); and (3) top-of-mind (high frequency use cases within IT/compliance arising weekly and “catastrophic” events monthly).
The scale and dynamic nature of the cloud have led to enterprises losing control over their backups. Current methods require time-consuming, manual data classification and tagging processes, agents and appliances, face mounting prohibitive costs, and ultimately produce backups that are not accessible.
Enter Eon…
Eon autonomously scans, maps, and classifies cloud resources continuously, providing backup recommendations based on business and compliance needs, and ensuring the appropriate backup policy is in use. Existing solutions rely on snapshots, which are non-searchable black boxes, that require full restores, and are vendor-locked. In contrast, Eon’s backup storage is fully managed, portable, and provides global search capabilities. This enables customers to find and restore individual files and run SQL queries on backed-up database snapshots seamlessly, without any resource provisioning.
A future vision for Cloud Backup Posture Management (CBPM)…
At Vine, we believe Eon’s CBPM is a long-awaited breakthrough. We’re excited to see the team realize their potential and upend incumbent backup vendors with a next-generation technology. Yalla, let’s go!
