The monastery was founded in 1570 by Ieromonachos Ieremias who went there to become a monk in the same cave that in the 11th century the fathers Nikitas, John (Ioannis) and Joseph (Iosif) were ascetics also. They were the founders of Nea Moni. The cave formed a church. Later the monk Pachomius formed the convent that attracted over the years many monks. The monastery follows the old calendar (13 days back depending the date) and it is not allowed to women to enter. It attracts many visitors and remains a living monastery located in a magnificent position above the monastery of Nea Moni, an area suitable for hiking trips. The Icon Painting flourished in the monastery.