AWS re:Invent 2025: Eon, the First Cloud Storage Platform to Unlock Backup Data for Enterprise AI, Raises $300 Million

The round includes prior lead investors Sequoia Capital, Lightspeed Venture Partners, Greenoaks, and BOND, with participation from Affinity, Omri Casspi, Vine Ventures and others, tripling Eon’s valuation to $4B amidst explosive customer traction

This is a Press Release edited by StorageNewsletter.com on December 3, 2025 at 2:02 pm

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Eon Inc., developer of a solution to unlock cloud data backups for enterprise AI, announced that it has raised a $300 million Series D funding round led by Elad Gil, Gil Capital.The round brings Eon’s total funding to $500 million since its founding less than two years ago, and increases its valuation to $4 billion, positioning it as the fastest-growing company in cloud infrastructure. The round included returning investors Sequoia Capital, Lightspeed Venture Partners, Greenoaks, and BOND.

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“Eon has built a foundation for the future that makes AI and broader enterprise intelligence possible.” said Ofir Ehrlich, co-founder and CEO, Eon. “We hear from customers that they are solving for two critical challenges: first, storing enterprise data efficiently and compliantly to minimize risk, and second, transforming the data goldmine they’re sitting on into active fuel for their business and AI strategies.”

The funding follows a year of exceptional growth for Eon. Founded by the team that built and led AWS Disaster Recovery and Migration services, Eon is a trusted partner for enterprises seeking to unify, protect, and activate structured and unstructured data across multi-cloud environments. In the race to integrate and operationalize AI, enterprises are discovering their most valuable data is largely inaccessible, locked inside legacy backup storage. Eon turns that dormant data from both IaaS and PaaS services into a live, browsable, searchable and queryable foundation for AI training and analytics, unlocking new business value.

“Before Eon, accessing critical data meant dealing with tickets, manual snapshots, and waiting an entire day. It was a complex and costly process, an operational bottleneck preventing growth within the cloud,” said CJ Keefe, director, corporate infrastructure, DevOps, and SRE, SoFi, an Eon customer. “Now, our data is instantly accessible in a self-service format. It’s eliminated manual toil around access and usability, accelerating our data preparation time by over 90%. We’ve experienced firsthand how Eon is shaping data resilience from passive insurance to an active, measurable engine for speed and self-service.”

Eon’s transformative platform automates ingestion from cloud data sources across AWS, Microsoft Azure, and Google Cloud under a single pane of glass. This unlocks cloud data by converting static backups into an accessible data lake – turning them into live, portable assets for AI, analytics, and recovery. Customers use Eon to automate backup posture, reduce compliance risk, and eliminate infrastructure waste. By moving data from primary storage into Eon’s secondary storage, the platform maintains direct object storage API access while delivering efficiency, including backup cost reduction of 30 to 50 percent.

“Eon is building one of the most important layers of the modern enterprise stack,” said Elad Gil, lead investor for the Series D, Gil Capital. “Data is the most valuable, invisible asset on every company’s balance sheet. Companies will sink or swim based on their ability to access, analyze, and build on their data, and Eon’s momentum comes from making that possible in a new way.”

Eon will use the new capital to accelerate R&D, global hiring, and U.S. market expansion while deepening its integrations with leading cloud providers. The company is strengthening strategic partnerships with AWS, Microsoft Azure, and Google Cloud as well as other technology leaders to extend its platform’s reach and interoperability. Eon’s leadership team includes co-founders Ofir Ehrlich, CEO, Gonen Stein, president and Ron Kimchi, CTO, as well as Avi Biton, CFO and Moshe Milman, CSO.

Comments

This is a major news for the data management segment and even globally for the IT market. Raising $300 million is not so common for software companies if we consider "classic" profiles but Israeli know how to do it as they, very often, anticipate market trends and directions with innovative solutions. And we have in mind plenty of examples, from the past, but others still on the market.

This Series D round pushed the total raised to $500 million for $4 billion valuation. Pretty amazing when you understand that Eon was founded early 2024. In November 2024, the company reached a valuation of $1 billion after 4 rounds the same year with around $200 million raised. In 1 year and this D round of $300 million, the firm touches this new valuation of $4 billion, a gain of 10 times its amount raised. Spectacular. At that time, they became a storage unicorn, listed in the Coldago Research Storage Unicorn report published twice a year.

Historically Backup was about, and still is, about data protection and recovery in case of failure, files deletion or human error, pretty common issues and needs everyday. Backup is everywhere, at least we hope even if it's not always true and this is just incredible. It represents one of the fundamental IT foundation services that an IT environment should rely on. For a long time, backup images sit on the side and just wait to be used for a recovery need. This passive role evolved for a few years.

First, as backup copies and stores multiple instances of live systems, applications or data repositories, it offers the opportunity to be scanned to detect some potential attack patterns. This was the idea to tackle new and modern cyber threats as well. Several players did and do that and the idea is clever as the load is off product systems and leverages the timeline of backups' policies. Just imagine a 8 weeks retention policy, even 4, it means at lest 40 instances of system, data and application views with all incremental changes. In that case, backup goes beyond just a recovery solution giving an additional value around data analysis especially if it provides specific functions or just access methods to expose data to analysis engine. It finally delivers a gateway to the gold mine of data.

Now, with the AI tsunami, this data iceberg offers a new opportunity with new algorithms and methods for data analysis. This is what Eon offers, a cloud oriented data platform to maximize structured and unstructured data impact. This service provides easy usage of these dormant data, inactive by nature and role, these are backup images, and offers capabilities to browse, search and query this data environment let's say data lakes. This new data protection usage confirms the role of data protection and data management more globally represented by modern data protection segment. And for modern needs, the market confirms that a modern solution is often, very often, required.

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And by anticipation, this is what we mean as they originally understand that all this protection data could have another role. And clearly there is a race in the domain among vendors. So to deliver a rapid comprehensive solution, raising money to protect their development is essential but keep in mind that Israel is also the kingdom of exists. Another pretty famous Israeli cloud backup company had a significant exit, Own Backup renamed Own Data or just Own, acquired by Salesforce in September 2024 for $1.9 billion.

Market leaders such as Cohesity, with Veritas NetBackup business, Commvault, Rubrik and Veeam, plus others fast growing players like Kaseya or HYCU have to pay attention to Eon as the company trajectory is just spectacular.

We already saw several M&As moves from several of these backup vendors, we'll see how they will react and if new moves and external growth operations will be triggered... It clearly shakes the game.