Eon.io Inc., a startup that helps enterprises use their backup data in analytics projects, has closed a $300 million funding round. 

The company detailed today that prominent tech investor Elad Gill led the Series D raise. He was joined by Sequoia Capital, Lightspeed Venture Partners, Greenoaks, BOND and several others. Eon is now valued at $4 billion, triple what it was worth following its previous funding round last November.

Eon provides a platform that companies use to back up and recover files they keep in the public cloud. One of the platform’s main selling points is that it can reduce the storage costs associated with holding large amounts of backup data. Eon is promising savings of up to 50% in some cases.

The company cuts customers’ hardware bills by keeping files on the low-cost tiers of the major cloud providers’ storage services. Additionally, it uses an incremental backup tool to avoid saving more data than strictly necessary, which further lowers costs. When a user backs up a new version of a file that Eon has already archived, the tool only saves the changed data instead of a copy of the full file.

Many ransomware strands encrypt not only the production version of a company’s records but also the backup copy. That makes it impossible for administrators to recover the data. According to Eon, its platform stores backups in an immutable format that can’t be deleted or modified by ransomware. It scans those backups for signs of malicious activity to ensure that administrators don’t restore an infected file after an outage.

Eon can save information from both relational and non-relational databases. It organizes their contents into the Apache Parquet data format. The format provides support for multiple compression algorithms, which helps cut storage costs, and supports data skipping. The latter feature enables users to run queries on only relevant items and skip unnecessary information, which speeds up processing.

Querying backups usually requires companies to move them to a dedicated data analytics environment. Eon says that its platform removes that requirement. It can run SQL queries directly on Parquet-based database backups, which avoids the network overhead associated with syncing data to a separate system for analysis.

Eon also promises to simplify other data management tasks for customers. Details such as how long a company retains a backup file vary based on the sensitivity of the data it contains. A retailer, for  instance, might store e-commerce transaction logs for two years and website performance metrics for two weeks. Eon says that its platform can automatically identify what type of data is contained in a record and apply the relevant storage policies.

“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,” said Eon co-founder and Chief Executive Officer Ofir Ehrlich.

The company will invest its newly closed funding round in engineering initiatives. It plans to enhance its platform’s integrations with major public clouds. On the go-to-market side, Eon will grow its presence in the U.S. and establish more technology partnerships.

Photo: Unsplash