Israeli startup EON is raising several hundred million dollars at a valuation of $4 billion, continuing its rapid ascent in the tech world less than two years after its founding.
Founded in early 2024, EON has quickly become one of Israel’s fastest-growing startups and is reportedly on pace to surpass the fundraising speed of cybersecurity firm Wiz. The company became a unicorn just a year ago and is now completing its fifth funding round.
EON was founded by Ofir Ehrlich, Ron Kimchi and Gonen Stein, all alumni of Amazon Web Services (AWS). Ehrlich and Kimchi are based in Israel, where they lead the company’s R&D center, while Stein oversees business operations from New York.
The company develops a cloud backup solution for enterprises and corporations. Its investors include prominent global venture capital firms such as Sequoia Capital, Lightspeed Venture Partners, Greenoaks, Quiet Capital, Vine Ventures, Eight Roads, Meron Capital and former NBA player Omri Casspi.
Ehrlich and Stein joined AWS following Amazon’s 2019 acquisition of CloudEndure, a cloud migration startup co-founded by Ehrlich. That company was sold for $200 million after raising only $18 million and was profitable almost from the start, with annual revenue reaching about $20 million.
At AWS, Ehrlich and Stein met Kimchi, who led the company’s cloud migration division.