Dream, a sovereign AI and cyber defense company, has secured $260 million in a new funding round, elevating its valuation to a formidable $3 billion. The round was co-led by Bicycle Capital and Group 11, with participation from other global investors including Antler and Bain Capital Ventures. This capital injection is set to accelerate the global deployment of Dream's platforms, which are designed to provide governments with AI infrastructure they fully own and control.
The Imperative of Sovereign AI
Artificial intelligence is rapidly becoming the next form of critical national infrastructure, akin to power grids and communication networks. However, most governments currently rely on AI systems developed and controlled by foreign commercial entities. This dependency creates significant risks to national security, as access to this technology can be restricted, interrupted, or withdrawn at any time.
Dream was founded to address this vulnerability by enabling nations to build and operate their own AI capabilities. Co-founder and CEO Shalev Hulio stated that sovereign AI is key for nations to protect and utilize their data effectively. He emphasized that, "The future of a nation should never depend on technology it does not control."
Former Austrian Chancellor and Dream President Sebastian Kurz echoed this sentiment, highlighting that ownership is the central question for governments using AI. He argued that sovereign capabilities are foundational for national resilience, competitiveness, and protecting national interests. This approach allows nations to align advanced AI with their specific strategic goals and governance structures.
A Unified Platform for National Defense
Dream has developed a suite of three integrated platforms to deliver its sovereign AI vision. The first, named Sphere, acts as a unified national cyber defense system for governments and critical infrastructure operators. It combines cyber intelligence, exposure management, and AI-powered threat detection into a single, comprehensive solution.
Complementing this defense is Hero, an autonomous AI security researcher designed to think like an adversary. Hero proactively discovers vulnerabilities and identifies potential attack paths at machine speed. This allows governments to identify and remediate weaknesses in their defenses before they can be exploited by attackers.
The third platform, Atlas, is the core of Dream's sovereign AI offering. It enables governments to securely connect fragmented national data sources and transform that information into structured knowledge. Within this controlled environment, nations can deploy mission-specific AI models to generate actionable insights for decision-making.
Strong Investor Confidence and Growth
The $260 million financing reflects significant investor confidence in Dream's mission and its market position. Shu Nyatta of co-lead investor Bicycle Capital noted the increasing global demand from governments for secure and sovereign AI deployment. He positioned Dream as a company defining one of the most important technology categories of the coming decade.
Dovi Frances, Founding Partner of Group 11, which also co-led the round, reaffirmed his firm's strong conviction in the company. He described Dream as a builder of "critical infrastructure for the AI era," underscoring the long-term vision. This latest round brings Dream's total capital raised to $412 million since its inception in 2023.
The company's valuation has nearly tripled from its $1.1 billion mark during a $100 million Series B round in early 2025. This rapid growth is further supported by nearly $300 million in total contract value secured since beginning commercial operations. The new funds are earmarked to accelerate platform deployment across Europe, the Middle East, Asia, and the Americas.
Pivoting from Surveillance to Security
The company's leadership includes notable figures, including co-founder Shalev Hulio, the former CEO of NSO Group. That firm became widely known for its Pegasus surveillance software and the global debates it sparked on privacy. Dream represents a significant pivot from offensive tools to defensive AI technology for national protection.
This background provides Dream with deep expertise in the intelligence and cyber-offense landscape. The company leverages this knowledge to build more robust defensive systems for its government clients. The focus is now squarely on protecting critical infrastructure like power grids and government networks from sophisticated cyberattacks.
With its latest funding and a $3 billion valuation, Dream is strongly positioned to lead the burgeoning sovereign AI market. The company's focus on providing nations with full ownership of their AI capabilities addresses a critical geopolitical and technological need. As artificial intelligence becomes increasingly central to national power, Dream's mission to ensure technological independence for governments is more relevant than ever.