Three months after its most recent financing round, investors are pressing Israeli cloud backup company Eon to embark on another financing round that would lift the company's valuation to $2.5 billion, sources have informed "Globes."
Over the past year, the previously unknown Tel Aviv-based company became a sensation among Israeli tech investors by growing with exceptional speed and seeing its valuation climb from $215 million to $1.4 billion as it raised $200 million, according to PitchBook, in three financing rounds including $70 million at the end of November 2024. The startup, which was founded by a team of former AWS employees led by CEO Ofir Ehrlich, has developed a cloud data backup service and has successfully attracted many customers from Amazon and raised the new company's revenue at a rate the has justified its rapidly rising valuation.
Its earlier investors including Sequoia Capital, Eight Roads, Vine Ventures and serial investor Tilli Kalisky were later joined by former NBA basketball star Omri Casspi, Lightspeed Ventures, Greenoaks, and Meron Capital. The most recent financing round in November 2024 was led by Bond Capital, a San Francisco-based venture capital fund, which was founded by Jay Simons, the former president of software giant Atlassian, and has $3 billion under management.
Aided by ransomware attacks
The company is not currently raising money, but sources around the company are not ruling out a financing round later this year.
Eon has grown due to the massive increase in ransomware attacks sabotage the large amount of information companies store in their many databases and assets. Large companies store most of their data in cloud services such as AWS, Microsoft Azure and Google Cloud, with some of the information scattered among external applications and end devices. Eon can back up all this organizational information with every change that is made, so that in the event of an attack, the information can be fully restored. - a service that cloud giants like Amazon and Microsoft don't know how to offer making Eon's service very popular over the past year. The company has 55 employees and plans to double its size by the end of the year.
No comment on this report has been forthcoming from Eon.
Published by Globes, Israel business news - en.globes.co.il - on March 4, 2025.
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