Dream Security

Dream Security (operating as "Dream", legal name DREAM SECURITY LTD) is an Israeli company that builds an integrated "national capability layer" combining sovereign AI and cyber defense for nation states, governments, national cyber authorities and critical infrastructure operators. Its stack is organized around three products: Atlas, a national AI platform intended to turn government data into analysis, interfaces and decisions across domains such as national intelligence, finance, health and supply chain; Sphere, a system that gives a unified view of fragmented national attack surfaces and identifies, investigates and thwarts state-actor cyberattacks against government stacks, critical infrastructure and national CERTs; and Hero, an agentic security product that autonomously discovers vulnerabilities and attack routes, performs malware reverse engineering and forensic investigation, and triages and validates fixes.

The company positions its deployments as fully on-premises and air-gapped inside a customer nation's borders, with no telemetry and no foreign control, and says customer governments train and run the models in their own clouds and data centers, so Dream itself does not access government data. Its sovereign language models are described as being in the 8-80 billion parameter range, deliberately smaller than commercial frontier models but focused on government content domains, including an earlier security-operations-specific Cyber Language Model. Dream also runs an internal threat research group (Dream Research Labs / DREAM Lab), which in August 2026 published an analysis of a multi-agent AI intrusion framework that compromised government systems in Asia.

Earlier public descriptions frame the company mainly as an AI cybersecurity vendor using machine learning, behavioral analytics and real-time threat intelligence for predictive detection and response across endpoints, enterprises and infrastructure; the sovereign-AI data analysis offering was added later and puts Dream in competition with Palantir in that segment.

Founding story

Sources give differing founding dates: Tau Capital and Trending Topics state the company was founded in January 2023, while a startup database lists founding in October 2022 with Israeli registrar incorporation on 2022-07-06. It was co-founded by Shalev Hulio (CEO, previously co-founder and CEO of NSO Group, maker of Pegasus spyware), former Austrian Chancellor Sebastian Kurz (President), and Gil Dolev (CTO, described as an AI expert).

Business model

Dream sells directly to national governments, ministries, national cyber authorities and critical infrastructure operators (utilities, energy, water, nuclear, smart-city platforms), typically through large government contracts. Products are deployed within customer borders on customer-controlled infrastructure, so the customer operates inference and hosting; one profile categorizes the business model as a mix of B2B/B2C, subscription SaaS and government contracts. Revenue visibility is described through order backlog and ARR rather than product-line disclosure.

Recurring, contract-based revenue from government and national institution customers. The company reported a $130 million order backlog at the start of 2025 and said it had accumulated $300 million in orders since beginning commercial operations in late 2024; ARR was estimated at $100-150 million in September 2025 and reported as having recently crossed $100 million in June 2026.

Traction

Reported deployments include threat detection and secure communications across multiple UAE government ministries, live protection of national infrastructure including utilities and smart-city platforms, and collaboration with regional law enforcement and defense agencies. The company says it serves public-sector clients across Europe, the Middle East and Southeast Asia, monitors millions of data points per second, and had accumulated $300 million in orders as of June 2026. Headcount grew from 4 in November 2022 to a reported 235-350 by August 2026.

Latest developments

In June 2026 Dream closed a $260M Series C at a $3 billion valuation led by Bicycle Capital and Group 11, with proceeds earmarked for global expansion including a planned Munich office. The company expanded beyond cybersecurity into sovereign AI data analysis with Atlas, and into autonomous vulnerability research and remediation with Hero. Management framed a June 12 US export-control directive barring foreign-national access to Anthropic's Fable 5 and Mythos 5 models as validation of its sovereignty thesis. In August 2026 Dream Research Labs published a report on an autonomous multi-agent AI attack framework, attributed by linguistic analysis to a Chinese-language operator, that compromised government entities in Asia. Sebastian Kurz named an IPO as a longer-term option.