Eon raises $300M Series D at $4B valuation to turn cloud backups into AI-ready data lakes
Dec 9, 2025 with Ofir Ehrlich
Key Points
- Eon closes $300M Series D led by Elad Gil with backing from Sequoia and Lightspeed, bringing total funding to $500M.
- The cloud-native startup converts dormant enterprise backup data into queryable data lakes accessible via Snowflake, Databricks, and other analytics platforms.
- Co-founder Ophir, who scaled Clouduno to $1B revenue before Amazon acquisition, positions enterprise data as the lasting competitive moat in AI.
Summary
Eon, the cloud backup and data management startup founded by serial entrepreneur Ophir (formerly of Cloudundo, which sold to Amazon), has closed a $300 million Series D round, bringing total capital raised to $500 million. The round was led by Elad Gil, with participation from Sequoia, Lightspeed, Greenoaks, Bold Capital, and angel investor Omri Casspi. No valuation figure was disclosed during the segment, despite the segment metadata citing $4 billion.
The core thesis is straightforward: enterprises have spent years accumulating backup data they cannot actually use. Eon converts that dormant secondary storage into queryable, portable data lakes, letting customers run workloads via Snowflake, Databricks, Redshift, or BigQuery against both current and historical data without rebuilding infrastructure.
The company is software-only, cloud-native, and built on top of existing object storage layers including AWS S3, Google Cloud Storage, and Azure Blob. Eon claims its architecture, optimised specifically for backup and retrieval via versioned cloud snapshots, is cheaper than native cloud tooling for the same use case, though that claim is unverified independently.
Ophir previously scaled Clouduno to a $1 billion revenue run rate before the Amazon acquisition. He describes AI as the demand catalyst that repositioned what started as a backup infrastructure play into a broader data enablement business, arguing that proprietary enterprise data, not compute, will be the lasting moat regardless of which model providers win. He has stated his intention to take Eon to IPO.