Buyers press Eon to boost cash at $2.5b valuation

Three months after its most up-to-date financing spherical, buyers are urgent Israeli cloud backup firm Eon to embark on one other financing spherical that may carry the corporate’s valuation to $2.5 billion, sources have knowledgeable “Globes.”

Over the previous 12 months, the beforehand unknown Tel Aviv-based firm grew to become a sensation amongst Israeli tech buyers by rising with distinctive velocity and seeing its valuation climb from $215 million to $1.4 billion because it raised $200 million, in accordance with PitchBook, in three financing rounds together with $70 million on the finish of November 2024. The startup, which was based by a staff of former AWS staff led by CEO Ofir Ehrlich, has developed a cloud information backup service and has efficiently attracted many purchasers from Amazon and raised the brand new firm’s income at a charge the has justified its quickly rising valuation.

Its earlier buyers together with Sequoia Capital, Eight Roads, Vine Ventures and serial investor Tilli Kalisky have been later joined by former NBA basketball star Omri Casspi, Lightspeed Ventures, Greenoaks, and Meron Capital. The newest financing spherical in November 2024 was led by Bond Capital, a San Francisco-based enterprise capital fund, which was based by Jay Simons, the previous president of software program big Atlassian, and has $3 billion underneath administration.

Aided by ransomware assaults

The corporate isn’t at the moment elevating cash, however sources across the firm will not be ruling out a financing spherical later this 12 months.

Eon has grown because of the huge enhance in ransomware assaults sabotage the big quantity of data corporations retailer of their many databases and belongings. Giant corporations retailer most of their information in cloud companies reminiscent of AWS, Microsoft Azure and Google Cloud, with a few of the info scattered amongst exterior functions and finish gadgets. Eon can again up all this organizational info with each change that’s made, in order that within the occasion of an assault, the knowledge will be totally restored. – a service that cloud giants like Amazon and Microsoft do not know how one can provide making Eon’s service highly regarded over the previous 12 months. The corporate has 55 staff and plans to double its measurement by the top of the 12 months.

No touch upon this report has been forthcoming from Eon.

Revealed by Globes, Israel enterprise information – en.globes.co.il – on March 4, 2025.

© Copyright of Globes Writer Itonut (1983) Ltd., 2025.