Eon raises another $70 million at a $1.4 billion valuation for its cloud backup platform

Eon Inc., a developer of a platform for backing up data stored in cloud environments, today announced that it has raised $70 million from investors.

BOND led the Series C round, joined by several existing backers including Sequoia Capital, Greenoaks and Lightspeed Venture Partners. The deal values ​​Eon at $1.4 billion, nearly double what it was worth after an earlier funding round earlier this year.

Backing up data hosted in the cloud can be complicated because different records need to be managed in different ways. Some sensitive files need to be backed up for months or longer, while lower priority items can be deleted after a few weeks. There are also other differences in the way datasets are backed up due to factors such as regulatory requirements.

Administrators typically keep track of which files need to be managed in which way by adding tags to datasets. A tag might, for example, specify that backups of a particular record should be deleted after a year. Tags make data sets easier to manage, but they take a long time to create and can become obsolete over time.

Eon says its backup platform can make administrators’ jobs easier. According to the company, its software automatically hosts data sets in the cloud environment and applies the correct backup rules to each one. In this way, Eon eliminates the need for manual tagging.

The company’s platform stores the backups it creates in a portable format. As a result, customers can back up a dataset to one public cloud and restore it to another.

It is also possible to restore only parts of the data set. If an employee accidentally deletes a month’s worth of entries in a file share folder, Eon will only be able to restore those entries, not the entire folder. This reduces the time required to recover lost data, thereby allowing users to get back to work faster.

Eon also provides several other features as part of its platform.

The monitoring dashboard tracks backup files as well as drift, a problem that occurs when backup workflows need to change due to changes in the cloud environment. There is also a tool that allows you to query backups using SQL. The latter feature allows customers to perform analysis of their Eon-managed records without loading them into a dedicated data processing environment, reducing costs.

“With Eon, we decided to put an end to backup problems for enterprises by providing instant access to all cloud data backups,” said Eon Co-Founder and Chief Executive Ofir Ehrlich. “This fundamentally changes the nature of backup, making it a business tool for the first time.”

Bloomberg reported to date, about 10 enterprises have adopted the Eon platform. These organizations work in the fields of retail, education, technology and finance. Eon told the publication that it will use the proceeds from the funding round to hire more engineers, sales and marketing staff.

photo: Sequoia