Eon, a data backup startup founded by the team that built AWS Disaster Recovery and Migration services, has raised $300 million in a Series D funding round.

The New York-based startup offers a unified platform to enhance cloud storage. It automates data ingestion across various cloud databases from hyperscale providers to create a unified data lake that businesses can use to accelerate data recovery, as well as a data source to drive AI and analytics applications.

Prolific investor Elad Gil of Gil Capital led the funding round, which brought Eon’s total funding to $500 million. Less than two years on from its founding, the latest funding round has seen the startup’s valuation soar to $4 billion.

Also backing the startup are heavyweight venture capital firms, including Sequoia Capital, Lightspeed Venture Partners, and Greenoaks.

“Eon has built a foundation for the future that makes AI and broader enterprise intelligence possible,” said Ofir Ehrlich, co-founder and CEO of Eon. “We hear from customers that they are solving for two critical challenges: first, storing enterprise data efficiently and compliantly to minimize risk, and second, transforming the data goldmine they’re sitting on into active fuel for their business and AI strategies.”

Ehrlich, along with fellow co-founders Gonen Stein and Ron Kimchi, served at Amazon Web Services, helping to build the hyperscaler’s recovery offerings, including Elastic Disaster Recovery and Application Migration Service.

They left in 2023 to form Eon, with the startup’s so-called “cloud backup posture management” (CBPM) platform able to connect with cloud data sources from their former employers, as well as Microsoft Azure and Google Cloud.

The startup claims that enterprises that use its platform to move data from primary storage into Eon's secondary storage it “maintains direct object storage API access while delivering efficiency, including backup cost reduction of 30 to 50%.”

Financial firm SoFi counts among its customer base. CJ Keefe, SoFi’s director of corporate infrastructure, said Eon’s platform has helped turn the once complex and costly process of accessing data into “instantly accessible in a self-service format.”

“It's eliminated manual toil around access and usability, accelerating our data preparation time by over 90%,” Keefe added. “We've experienced firsthand how Eon is shaping data resilience from passive insurance to an active, measurable engine for speed and self-service.”

“Data is the most valuable, invisible asset on every company’s balance sheet,” Elad Gil said. “Companies will sink or swim based on their ability to access, analyze, and build on their data, and Eon's momentum comes from making that possible in a new way.”