Sixteen months ago, Dream was a billion-dollar company. This week it is worth three. The Israeli AI and cybersecurity firm has raised $260m in a round that valued it at $3bn, nearly tripling the $1.1bn it commanded in February 2025, a pace of revaluation that says as much about the market for defensive AI as it does about the company itself.
The round was led by Bicycle Capital and Group 11, with Bain Capital Ventures, Antler, and Tru Arrow Partners also taking part. Bain had led Dream’s previous round, the $100m-plus raise that first lifted it into unicorn territory, and its return is the kind of follow-on that tends to anchor a step-up of this size.
The new capital lands less than a year and a half after the last, in a sector where rounds are now stacked closer and closer together.
What Dream sells is national-scale cyber defence. The company provides AI and cybersecurity services to governments and operators of critical infrastructure, the power grids, water systems, and transport networks whose compromise is a state-level rather than a corporate problem.
The 💜 of EU techThe latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!It has positioned itself as a vendor for the part of the threat landscape where the attacker is often another government, and where the buyer is a ministry rather than a chief information security officer.
