Dream, a sovereign AI and cyber defence company serving governments and critical infrastructure operators, has secured $260m in a funding round that values the business at $3bn just three years after it was established.
The round was co-led by Bicycle Capital and Group 11, with Antler, Bain Capital Ventures, and Tru Arrow Partners among the participating investors. The raise comes on the back of nearly $300m in total contract value accumulated since Dream commenced commercial operations in late 2024. Proceeds will be directed towards scaling the company’s sovereign AI and national cyber defence platforms across Europe, the Middle East, Asia, and the Americas.
The investment arrives at a moment when governments worldwide are grappling with a critical dependency: most rely on AI systems built and controlled by foreign entities, leaving them exposed to potential restrictions, disruptions, or withdrawal of access. Dream’s position is that nations must own the AI infrastructure they depend on, and the company has built three distinct platforms to address this problem.
Its Sphere platform is designed for governments and operators of critical national infrastructure, combining cyber intelligence, exposure management, attack path analysis, digital twin technology, and AI-driven detection and response into a single national cyber defence system. Hero functions as an autonomous AI security researcher, identifying vulnerabilities and simulating adversarial reasoning at machine speed to surface weaknesses before hostile actors can exploit them. Atlas, meanwhile, is Dream’s sovereign AI platform, enabling governments to unify fragmented national data, generate structured knowledge from that information, and deploy mission-specific AI agents entirely within environments they control.
Dream was founded to address what it sees as a fundamental trade-off facing modern governments: the choice between depending on AI systems they do not own or building capabilities entirely under their own authority. The company’s platforms are built around the principle that sensitive national data, critical infrastructure, and strategic AI capabilities should remain within sovereign control at all times.
Dream co-founder and CEO Shalev Hulio said, “Land created empires. Industry created nations. Artificial intelligence will create the next super nations. Every nation has data. Few can protect it. Fewer can use it. Sovereign AI is the key. We built Dream to help governments secure their information, transform it into knowledge, and convert that knowledge into national capability. The future of a nation should never depend on technology it does not control.”
Dream president and co-founder Sebastian Kurz said, “The defining question for governments is no longer whether they will use AI, but whether they will own it. Nations that want to control their future need the ability to operate advanced AI under their own authority, on infrastructure they govern, and in alignment with their own interests. Sovereign AI is becoming a foundational layer of national resilience, competitiveness, and security. Countries that build and control their own AI capabilities will be better positioned to protect critical infrastructure, strengthen public services, improve decision-making, and safeguard their national interests.”
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