Eon Inc., the developer of a platform for backing up data stored in cloud environments, today announced that it has raised $70 million from investors.

BOND led the Series C round. It was joined by several existing backers including Sequoia Capital, Greenoaks and Lightspeed Venture Partners. The deal values Eon at $1.4 billion, nearly double what it was worth following its previous funding round earlier this year.

Backing up cloud-hosted data can be challenging because different records must be managed in different ways. Backup copies of some sensitive files must be retained for months or more, while lower-priority items can be discarded after a few weeks. There are also other differences in the way datasets are backed up that relate to factors such as regulatory requirements.

Administrators usually track which files must be managed in which way by adding tags to datasets. A tag can, for example, indicate that backups of a certain record should be deleted after a year. Tags make it easier to manage datasets, but they’re time-consuming to create and can become outdated over time. 

Eon says that its backup platform can ease administrators’ work. According to the company, its software automatically maps out the datasets in a cloud environment and applies the correct backup rules to each one. Eon thereby removes the need for manual tag creation. 

The company’s platform stores the backups it generates in a portable format. As a result, customers can back up a dataset in one public cloud and restore it in another. 

It’s also possible to restore only parts of a dataset. If an employee accidentally deletes a month’s worth of records in a file sharing folder, Eon can recover only those records instead of the entire folder. This reduces the amount of time it takes to recover lost data and thereby enables users to resume their work sooner. 

Eon also provides several other features as part of its platform. 

A monitoring dashboard tracks backup files as well as drift, an issue that emerges when backup workflows must be modified because of changes to a cloud environment. There’s also a tool that makes it possible to query backups with SQL. The latter feature enables customers to run analyses on their Eon-managed records without loading them into a dedicated data processing environment, which lowers costs. 

“With Eon we set out to put an end to backup challenges for enterprises by providing instant access to all backed-up cloud data,” said Eon co-founder and Chief Executive Officer Ofir Ehrlich. “This fundamentally changes the essence of backups by making them instrumental to businesses for the first time.”

Bloomberg reported today that Eon’s platform has so far been adopted by about 10 enterprises. Those organizations are active in the retail, education, technology and finance sectors. Eon told the publication that it will use the proceeds from its funding round to hire more engineers, sales professionals and marketers. 

Photo: Sequoia