Dream company Eon, co-founded by serial entrepreneur Ofir Ehrlich, who previously sold a company to Amazon for hundreds of millions of shekels, is in negotiations on an investment round that could value the company at $4 billion, "Globes" has learned. Among previous investors in the company are Sequoia Capital and Omri Casspi. The current round is led by US-Israeli investor Elad Gil, apparently through his venture capital fund Gil Capital.
Eon is one of the companies in highest demand for investment by Israeli venture capital firms, because of the fact that its founders, Ehrlich, Gonen Stein and Ron Kimchi, are experienced entrepreneurs who have sold companies and worked at Amazon’s Israeli development center. The new company that they founded, Eon, solves one of the biggest and most complicated problems of giant companies: data backup in the cloud, with a fresh approach that supports AI data as well. Last year, the company was ranked as on of the "Globes" ten most promising startups in Israel.
As an in-demand company, Eon was able to raise funds in three rounds last year, boosting its valuation from $200 million at the beginning of the year to $1.4 billion at the end of it, according to Pitchbook. Altogether, it raised $200 million. The current round is seen adding several hundred millions more to the company’s cash.
At the same time, Eon is a very young company. It was founded only at the beginning of last year, and its annual revenue is estimated in the millions of dollars up to something over $10 million, which makes the revenue multiple in the valuation in the current round very high. It does, however, count one of the largest banks in the US among its customers, and it is believed to have another significant contract on the verge of being signed.
Eon provides new technology for data backup on the cloud, and assures company managers that their databases on the cloud networks of Amazon, Google, or Microsoft, or alternatively on the customer’s local cloud, will not be erased, even if the network is the target of a ransom attack or undergoes a natural disaster. It does this through an algorithm that "adheres" to the data and prevents it from being erased at any price.
As mentioned, Eon was founded by Ehrlich, Kimchi and Stein after they themselves had worked at the largest cloud provider, Amazon subsidiary Amazon Web Services (AWS), for four years. They came to Amazon after selling the previous company they founded, CloudEndure, which performs the reverse task and enables companies to transfer their data to the AWS cloud at the press of a button, a business that had turned over about $1 billion by the time the three founders left the company.
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After seeing close-up the demand on the part of customers for reliable backup of all data on the cloud, and Amazon’s inaction in that respect, they set up a company that would itself backup the data for Amazon customers, and recruited some of their former bosses, senior managers in backup and storage at AWS. The three founders have connections with many entrepreneurs and investors through the widespread social network of graduates of the "ARM" cyberattack course of the IDF 8200 signals intelligence unit, such as the founders of Wiz, Fireblocks, Lightricks, and NextSilicon.
Besides Sequoia and Omri Casspi’s Swish Ventures, Lightspeed, Greenoaks, Bond, Eight Roads, Vine Ventures, and Meron Capital are invested in the company.
No response to the report was forthcoming from Eon.
Published by Globes, Israel business news - en.globes.co.il - on November 17, 2025.
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