Data Backup Startup Eon Raises $300M In Series D Funding Round

The new capital raises the company’s total financing to $500 million and boosts its valuation to $4 billion.

Next-generation cloud data backup provider Eon has raised $300 million in a Series D funding round that boosts the startup’s valuation to $4 billion.

The new financing brings Eon’s total funding to $500 million since its January 2024 founding.

The New York-based company exited stealth in October 2024 and has gained momentum in the data protection, management and resiliency space with its cloud backup posture management platform. In the funding announcement Eon said the financing news “follows a year of exceptional growth” for the company, without disclosing financial details.

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The funding comes at a time when the demand for data—and tools for managing and protecting that data—is growing thanks to the wave of AI applications and agentic systems being developed and deployed.

“Eon has built a foundation for the future that makes AI and broader enterprise intelligence possible,” said Eon co-founder and CEO Ofir Ehrlich (pictured), in a statement. “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.”

Eon targets its platform toward businesses and organizations that need to unify, protect and activate structured and unstructured data across multi-region, multi-cloud environments, including IaaS and PaaS services. In addition to reducing data backup costs by 30 to 50 percent, according to the company, the Eon platform converts static data backups into accessible data lakes for AI and analytics tasks, as well as for disaster recovery purposes.

A key aspect of the platform is its ability to backup data based on business policies and compliance requirements: Eon automatically assigns the appropriate backup policy and retention period, ensuring data is backed up for the right amount of time. The technology contextually understands, classifies, and indexes cloud resources and applications.

The funding round was led by Elad Gil of Gil Capital with participation from earlier investors Sequoia Capital, Lightspeed Venture Partners, Greenoaks and BOND.

Eon said it will use the new capital to accelerate research and development initiatives, global hiring and U.S. market expansion. The company plans to deepen integrations with leading cloud providers, including Amazon Web Services, Microsoft Azure and Google Cloud, as well as with other technology leaders, “to extend its platform’s reach and interoperability,” the company said in the funding announcement.