Israeli cybersecurity startup Dream is accelerating its international expansion, now turning its attention to Latin America, a region that is emerging as a new battleground for cyberthreats. The company, which uses artificial intelligence to protect critical government infrastructure, has tripled its valuation to $3 billion, attracting strong investment interest.
Its strategy focuses mainly on governments that maintain close relations with Washington and appear willing to invest in advanced cyber defense solutions. The timing is not considered coincidental, as Latin America is recording the largest annual increase in cyber attacks internationally, while many countries still have limited capabilities to protect critical digital infrastructure.
The heavy name of Shalev Hulio
Dream has already attracted particular attention because of the man behind it. Its co-founder, Shalev Hulio, is the creator of NSO Group and the infamous Pegasus software, which was used by governments in dozens of countries to monitor journalists, activists, and political opponents.
See also: Hearthstone: Year Of The Pegasus Core Set Update
After leaving NSO in 2022, Hulio attempted to completely change course. Dream, founded in early 2023, presents itself as a purely defense-focused. Rather than developing surveillance tools, it builds artificial intelligence platforms that detect cyberthreats in real time, analyze potential security gaps, and help government agencies strengthen their defenses before an attack occurs.
Who is behind Dream?
In addition to Hulio, the company's founding members include former Austrian Chancellor Sebastian Kurz and businessman Gil Dolev, founder of Wayout Group. The presence of politicians and executives with experience in managing state affairs reinforces the company's image as a provider of national security solutions.
Dream employs more than 300 people, has offices in Tel Aviv, Vienna and Abu Dhabi, and is planning a new presence in Munich. It has also invested in a privately owned data center in Israel, where it trains its own large language models without relying on public cloud services, seeking greater control over both security and the protection of sensitive government data.
Why Latin America is a strategic target
Cyberattacks in Latin America are growing at rates exceeding 25% annually, according to market estimates. At the same time, several countries still show significant deficiencies in mechanisms to prevent, detect and respond to complex cyberthreats.
See also: Stelios Kouloglou: Pegasus' target while investigating wiretapping
The case of Costa Rica in 2022 is a typical example. The Conti ransomware paralyzed about 30 government organizations, demanding a ransom of $10 million and leading the country to declare a state of emergency due to a cyberattack. A few weeks later, another attack by the Hive group hit the public health system, forcing hospitals to temporarily return to manual procedures. These incidents highlighted how vulnerable even entire countries can be to organized cybercrime groups.
The geopolitical dimension of the agreements
Dream's expansion coincides with significant political developments in the region. Governments with closer ties to the United States and Israel appear more willing to consider collaborations on cybersecurity and artificial intelligence issues.
Argentina , under Javier Milley, is seeking to become a regional technology and AI hub, while similar political developments in Colombia are creating a more favorable diplomatic environment for Israeli high-tech companies . In this context, trust between governments becomes crucial, as national security contracts require much closer political cooperation than conventional IT projects.
Pegasus' past still haunts the company
Despite its efforts to rebrand itself, Dream cannot completely distance itself from its founder's past. Pegasus remains one of the most controversial spyware ever developed, while NSO Group was blacklisted by the US Department of Commerce after revelations of its misuse.
See also: Pegasus Spyware targets private and financial sectors
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Hulio claims that the new company follows a completely different philosophy, focused solely on defending against cyber threats. However, human rights groups remain wary of any new venture linked to the Pegasus creator, especially in a region where the use of surveillance technologies has sparked strong reactions in the past.
A market with huge prospects
Dream's revenue has reportedly already exceeded $300 million, while demand for AI-powered cybersecurity solutions is growing. Protecting critical infrastructure, energy grids, banking systems, and government services is becoming a top priority for many countries, creating a multi-billion dollar market.
While new companies are entering the AI for cyber defense space, Dream already has a significant competitive advantage thanks to its expertise, international partnerships and close relationships with government agencies on several continents. Its success in Latin America, however, will not only be determined by the technological capabilities of its products, but also by whether it manages to convince governments and society that it has definitively left the heavy legacy of Pegasus behind it.
