Cloud Data Startup Eon Raises $300 Million in Series D funding

Cloud Data Startup Eon Raises $300 Million in a Series D funding round

Cloud data management and backup startup Eon has secured $300 million in a Series D funding round, lifting its valuation to approximately $4 billion, according to finance and technology industry reports.

The round was led by Gil Capital, with participation from existing backers including Sequoia Capital, Lightspeed Venture Partners and Greenoaks, among others, according to Reuters and sector coverage.

Founded in January 2024 by former Amazon Web Services executives, Eon’s platform helps enterprises store, back up and activate cloud data across major public cloud providers such as AWS, Google Cloud and Microsoft Azure, converting backups into accessible data lakes for analytics, artificial intelligence and disaster recovery use cases.

Eon’s chief executive, Ofir Ehrlich, said the company’s technology is designed to bridge the gap between passive data storage and active business intelligence, addressing emerging demands for scalable, cloud-native data management solutions. Revenue has reportedly grown significantly in the past year, though the company declined to disclose full figures.

The latest funding brings Eon’s total capital raised to about $500 million since its inception and nearly triples its valuation from roughly $1.4 billion a year ago.

Executives said the proceeds will be used to expand the workforce, deepen product development and pursue strategic growth opportunities, with an emphasis on enhancing integrations across multi-cloud environments and supporting broader enterprise adoption.

Industry analysts view the deal as part of a broader surge in enterprise demand for advanced cloud data tools that can support AI-driven workloads and improve resilience against outages and cyber threats a space that has drawn heightened investment interest in 2025.

Read more on Tech Gist Africa: