Dream: The Cyber Defence Bet That Keeps Getting Bigger

IN JUNE, Dream Security Raises $260 Million, Tripling Its Valuation to $3 Billion in 16 Months

Dream Security, the sovereign AI and cyber defence company for governments and critical infrastructure, raised $260 million THIS June 2026 at a valuation of $3 billion — nearly tripling its $1 billion valuation from February 2025 in just 16 months. The round was co-led by Bicycle Capital and Group 11, with participation from Bain Capital Ventures, Antler, and Tru Arrow Partners. Total capital raised since founding in 2023 now stands at over $410 million. 7GC participated as a follow-on investor, maintaining ITS position alongside the incoming syndicate.

The raise reflects the rapid commercial momentum Dream has built since beginning operations in late 2024. The company has accumulated approximately $300 million in total contract value and its annualised recurring revenue recently crossed the $100 million mark — an extraordinary pace for a three-year-old business.

Dream's three platforms — Sphere, which defends governments against nation-state cyber threats; Hero, an autonomous AI security researcher; and Atlas, a sovereign AI platform for national data — address a category of risk that is moving to the top of government procurement agendas globally, accelerated by escalating state-sponsored cyber activity and growing demand for AI infrastructure that operates outside US or Chinese control.

"Everybody understands that the next cyber war is actually going to be AI versus AI….”We managed to prevent huge cyber attacks from China, Russia, Iran and North ​Korea.."

DReam’s Co-founder and CEO Shalev HuLio To Reuters

WE, 7GC, FIRST entered DREAM via a modest secondary check and subsequently supported THE COMPANY through the follow-on in this round. The DPI contribution from Dream is expected to be longer-dated than Anthropic or Fluidstack, but the trajectory — $0 to $100 million ARR in under two years, a $3 billion valuation, and a category that is hardening into its own institutional asset class — gives US ThE strong conviction in the position's forward value. We will continue to monitor the company's path to liquidity and update LPs as that picture develops.