Dream Security announced a $100 million Series B on February 17, 2025, led by Bain Capital Ventures at a reported $1.1 billion financing valuation. The company sells AI-enabled cyber-resilience tools to governments and critical-infrastructure operators—not to ordinary consumers. That $1.1 billion figure describes the 2025 round, not Dream’s latest reported value: Dream later announced a $3 billion valuation in June 2026.
What Dream Security raised in February 2025
Dream described the transaction as a Series B led by Bain Capital Ventures. Existing investors named in the announcement were Group 11, Aleph, Tru Arrow Partners and Tau Capital. Dream said the round brought its total funding to approximately $155 million.
The company also announced two board additions: Bain Capital Ventures partner and former Symantec chief executive Enrique Salem, and former Teva chief executive Shlomo Yanai. Dream said proceeds would support further development of its Cyber Language Models and expansion into additional markets. The financing valuation is the price implied by that private round; it is not a public-market capitalization or an independently verified value for every share of the company.
Dream’s announcement provides the transaction details and investor list.
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What Dream Security says it sells
Dream positions itself as an AI-powered cyber-resilience company for governments, national cybersecurity agencies and operators of critical infrastructure. Its described market includes organizations running legacy, physical, cloud and hybrid environments. Public descriptions cite energy infrastructure, utilities, hospitals, gas facilities and nuclear systems as examples of the environments it aims to protect; those references describe target sectors, not independently documented customer deployments.
The company says its platform combines several functions:
- Security-posture management and visibility across complex environments.
- Predictive threat detection and threat intelligence.
- Analysis of code, logs and other cybersecurity data.
- AI models intended to reason from both attacker and defender perspectives.
- Cyber Language Models, or CLMs, designed specifically for cybersecurity operations.
In practical terms, CLMs are presented as specialized models that help interpret security information rather than general-purpose consumer chatbots. Dream’s announcement describes the architecture and intended uses, but it does not provide an independent benchmark showing that the models detect threats better than competing systems or prevent nation-state attacks.
Dream says customers can obtain visibility without installation or integration in some circumstances. That is a company claim, not a guarantee for every deployment. Government and industrial environments can still require data-residency reviews, access controls, procurement approvals and operational integration.
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Shalev Hulio
Hulio is Dream’s co-founder and chief executive. He previously co-founded and led NSO Group, the spyware company associated with Pegasus. Pegasus has been the subject of international allegations that it was used against journalists, activists, political opponents and other civil-society figures, as reported in coverage from Reuters and SecurityWeek.
That biography is relevant because Dream sells into the same broad government and national-security ecosystem. It does not establish that Dream created Pegasus, inherited NSO’s customers or conducts spyware operations. Dream is a separate company that describes its mission as defensive protection of infrastructure and national systems.
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Sebastian Kurz
Kurz is Dream’s co-founder and president and previously served as Austria’s chancellor. His government background fits Dream’s emphasis on sovereign and national-level cybersecurity markets.
Gil Dolev
Dolev is Dream’s co-founder and chief technology officer. Company and press descriptions identify him as a cybersecurity specialist. Dream lists offices in Tel Aviv, Vienna and Abu Dhabi.
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What investors appear to be betting on
Bain’s stated rationale focused on the founders’ experience and the difficulty organizations face when they lack complete visibility while receiving too many security alerts. The broader investment thesis appears to include:
- Growing government demand for national cyber defense.
- More state-backed attacks against critical infrastructure.
- The challenge of securing legacy and hybrid systems.
- Demand for AI-assisted security operations.
- Potentially large contracts with governments and infrastructure operators.
Those are strategic reasons to fund the company, not independent proof that Dream has solved the operational problems or converted its product into repeatable, profitable revenue.
The $130 million sales claim needs careful reading
Dream said it generated more than $130 million in annual sales in 2024 to governments and national cybersecurity organizations. Reuters repeated that figure as a company statement.
Other reporting used different terminology. Globes described a $130 million order backlog and separately estimated annual revenue at more than $40 million, while SecurityWeek reported the company’s wording as $130 million in annual sales.
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Public announcements do not provide audited financial statements, a customer-by-customer revenue breakdown, contract durations, gross margins or a reconciliation between bookings, backlog, recognized revenue and recurring revenue. The defensible formulation is therefore “Dream said” or “the company reported,” not $130 million in verified annual recurring revenue.
How Dream’s reported valuation changed
| Date | Event | Reported valuation |
|---|---|---|
| 2023 | Earlier funding round cited in Reuters’ account | Approximately $190 million |
| February 17, 2025 | $100 million Series B led by Bain Capital Ventures | $1.1 billion |
| August 2025 | $45 million employee-related secondary financing | $1.3 billion |
| June 18, 2026 | $260 million financing announced by Dream | $3 billion |
The approximately $190 million figure is attributed to Reuters’ reporting rather than presented as a fully documented valuation history. The August transaction was reported by Globes as a secondary sale involving senior and veteran employees, so it should not be treated as equivalent to a primary capital raise: a secondary deal can provide shareholder liquidity without putting the same amount of cash into company operations.
Dream’s June 2026 announcement of a $260 million financing at a $3 billion valuation is the latest valuation milestone identified here. A private financing valuation still reflects negotiated transaction terms and does not guarantee that the whole company could be sold for that amount.
Globes’ account of the secondary financing and Dream’s June 2026 announcement provide those later figures.
Questions a government or infrastructure buyer should ask
What exactly is being sold?
Public material suggests a platform-oriented business, but does not publish a complete product catalog or clearly define how much is software, managed security, consulting or a combination. A buyer should map each promised capability—detection, prioritization, attack-path analysis, threat hunting and remediation—to a specific module and operating responsibility.
Where does sensitive data go?
Procurement teams should ask about hosting locations, sovereign-cloud options, model-training policies, retention, customer isolation, access logging and whether telemetry leaves the customer’s country. The financing announcement does not answer those questions.
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What evidence supports performance claims?
Available public material does not establish independent model evaluations, security certifications, renewal rates, pricing, detailed government procurement records or a complete customer list. Buyers should request testing methodology, false-positive and false-negative data, incident-response procedures and references appropriate to their sector.
Can the governance and reputation risks be managed?
Hulio’s NSO history is a legitimate diligence issue for governments and infrastructure operators. It should be assessed as a question of governance, procurement eligibility, export controls and public trust—not as proof that Dream has engaged in the same conduct associated with NSO.
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Dream’s stated market is national cyber defense. Its likely sales motion involves enterprise or government engagement, technical assessment and procurement review rather than a self-serve subscription. There is no public consumer pricing, seat pricing or trial in the financing material. That makes Dream a poor fit for a household seeking antivirus, password management or basic endpoint protection.
Enterprise buyers comparing categories may also investigate platforms from CrowdStrike, Palo Alto Networks, Microsoft, industrial-security specialists such as Dragos and Claroty, or cloud-security providers such as Wiz. Those are comparison categories, not evidence that their products or prices match Dream’s offering.
Bottom line
The February 2025 financing was a major private-market vote of confidence in a government-focused cybersecurity strategy: Bain led a $100 million Series B at a reported $1.1 billion valuation, with experienced cyber, technology and government figures joining the company’s backing and board. The strategic opportunity is substantial, but the public record still relies heavily on Dream’s own descriptions of its AI, customers and sales. Treat the $130 million figure as a company-reported sales claim—not audited ARR—and evaluate data sovereignty, independent testing, procurement eligibility and Hulio’s former NSO role before treating the funding as proof of product or commercial maturity.
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