Israeli cybersecurity startup Dream Security announced in April that it has raised $100 million at a $1.1 billion valuation, the company announced in April. The deal, led by Bain Capital Ventures and joined by existing investors including James Rothschild’s Tru Arrow Partners, is an example of how new technologies, especially AI, are rapidly reshaping cybersecurity, particularly for critical infrastructure sectors like energy and utilities.
Dream Security was founded in 2023 and, prior to this latest round of fundraising, had fewer than 10 customers and was valued at just $54 million. The company is led by Shalev Hulio, the former CEO of spyware company NSO Group, and former Austrian Chancellor Sebastian Kurz. Despite its status as a newcomer, Dream Security is now one of the most consequential players in the effort to counter new threats posed by AI. They sell protection systems tailored to complex or aging infrastructure, such as gas rigs, electricity companies, and nuclear reactors, as well as centralized state cybersecurity platforms.
The timing and size of the raise reflect AI’s status as a metastasizing force that’s rewriting the operational logic of national security and critical infrastructure systems. Dream Security’s backlog of orders over the past year exceeds $130 million, with total annual revenue estimated to be over $40 million.
The company has grown at a rate that even seasoned investors find extraordinary. “In all my years in venture capital, I have never seen a company that grows as fast as Dream, as it has demonstrated over the past year, and has such a pool of talent,” said Dovi Frances of Group 11, another existing investor. “I have no doubt that Dream will grow to be one of the world’s largest AI companies for cybersecurity protection of critical national infrastructures.
The stakes for this kind of technology are growing by the week. Governments and enterprises are struggling to keep up with evolving threats, many of which are now powered or accelerated by AI.
“Countries and entities entrusted with critical infrastructure are only beginning to understand the magnitude of the threat posed by cyberattacks driven by AI,” said Michael Eisenberg, founding partner of Aleph Fund.
Dream Security’s approach to addressing these threats include the development of a large, original language model designed specifically for cybersecurity analysts. According to the company, this AI can “identify and address cybersecurity vulnerabilities, configuration files, reports, and control systems” using simple written prompts. With this technology, a security analyst can quickly generate a detailed map of an organization’s network and identify vulnerabilities that might otherwise take weeks to uncover.
This form of AI-enhanced visibility and analysis is particularly valuable for clients with old, fragmented, or sensitive infrastructure that cannot be easily modernized or replaced.
As part of the funding round, Dream also announced the addition of two high-profile board members: Enrique Salem, former CEO of Symantec and chairman of Mandiant, and Shlomo Yanai, former CEO of Teva Pharmaceuticals. Salem brings deep cybersecurity experience, while Yanai contributes operational expertise in large-scale infrastructure organizations.
Dream currently employs around 150 people and is headquartered in Tel Aviv’s Midtown office tower. Its customers are based in Israel and Austria, with growing adoption across Europe, the Middle East, and Southeast Asia.
Dream’s rapid growth, international traction, and the high-profile involvement of Mitt Romney’s Bain Capital Ventures and James Rothschild’s Tru Arrow Partners point to a new chapter in cybersecurity investment. For investors, Dream represents a strategic response to an urgent global need: securing the infrastructure that keeps societies running.
“AI is changing the rules of the game, and Dream stands as a leading international player in the field,” says CEO Shalev Hulio.
With financial backing, technical sophistication, and geopolitical relevance, Dream Security may be a bellwether for where cybersecurity is headed next.
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