Silicon Angle reports that Eon.io Inc., a startup focused on enabling enterprises to leverage backup data for analytics, has successfully closed a $300 million Series D funding round. This significant investment values the company at $4 billion, tripling its valuation from November.
The funding round was led by prominent tech investor Elad Gill, with participation from Sequoia Capital, Lightspeed Venture Partners, Greenoaks and BOND. Eon's platform allows companies to back up and recover public cloud files, promising up to 50% savings on storage costs by utilizing low-cost cloud tiers and incremental backup tools. A key feature is its immutable backup format, designed to protect against ransomware by preventing deletion or modification of archived data. The platform also scans backups for malicious activity and supports direct SQL queries on Apache Parquet-formatted data, eliminating the need to move backups to separate analytics environments.
This substantial funding will be directed toward engineering initiatives, including enhancing public cloud integrations and expanding Eon's U.S. market presence and technology partnerships.
Source: Silicon Angle
