TL;DR
Dream, the Israeli cybersecurity startup co-founded by Pegasus creator Shalev Hulio, is expanding into Latin America. The company is targeting Trump-aligned governments in the region where cyber attacks are growing fastest and defences are weakest.
Dream, the Israeli AI cybersecurity startup that tripled its valuation to $3 billion this year, is expanding into Latin America. The company is targeting governments aligned with Washington in a region where cyber attacks are reportedly growing 25% annually and national defences rank among the weakest in the world.
The expansion is notable for what Dream’s co-founder built before. Shalev Hulio created NSO Group, the Israeli surveillance firm whose Pegasus spyware was used by governments to monitor journalists, activists, and political opponents across more than 50 countries.
Hulio founded Dream in January 2023, months after stepping down as NSO’s chief executive. The company describes itself as purely defensive, providing governments with AI-powered platforms to detect threats and patch vulnerabilities rather than the offensive surveillance tools that made Pegasus infamous.
The founders
Hulio’s co-founders are Sebastian Kurz, the former Austrian chancellor, and Gil Dolev, founder of intelligence-gathering firm Wayout Group. Kurz was convicted in February 2024 of making false statements to a parliamentary inquiry but acquitted on appeal in May 2025, with Vienna’s Higher Regional Court finding that the offence had not been fulfilled.
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Dream has more than 300 employees across offices in Tel Aviv, Vienna, and Abu Dhabi, with a Munich office planned. The company has built a sovereign data centre near Modiin, Israel, where it trains proprietary language models without relying on public cloud providers.
Why Latin America
Latin America is the world’s fastest-growing market for cyber attacks, with incidents rising roughly 25% annually according to industry estimates. A World Bank assessment scored the region’s countries an average of 10.2 out of 20 on cybersecurity preparedness, though the precise methodology and vintage of that figure could not be independently verified.
Costa Rica demonstrated the stakes in 2022. The Conti ransomware group hit roughly 30 government institutions, demanded $10 million in ransom, and forced President Rodrigo Chaves to declare a national emergency on 8 May, making Costa Rica the first country to take that step over a cyber attack.
Weeks later, the Hive group struck the country’s healthcare system, forcing hospitals to revert to pen and paper. The twin attacks crippled public services for months and showed that a mid-sized Latin American state could be paralysed by criminal hackers operating from another continent.
The political alignment
Dream’s push into the region coincides with a rightward shift that has brought several Israel-friendly leaders to power. Argentina’s Javier Milei has pitched his country as an AI hub and pledged to move its embassy to Jerusalem, aligning Buenos Aires closely with both Washington and Tel Aviv.
In Colombia, Abelardo De la Espriella won the presidential runoff on 21 June with 49.66% of the vote. He has pledged to restore diplomatic relations with Israel that his predecessor, Gustavo Petro, suspended in 2024 over the war in Gaza.
The alignment matters because Dream’s sales depend on government-to-government trust. Selling sovereign AI platforms to national security agencies requires a level of political intimacy that commercial cybersecurity contracts do not, and the company’s Israeli identity is an asset in capitals that have moved closer to Jerusalem.
The Pegasus question
Dream’s expansion into a region where surveillance technology has been exported to governments with poor human-rights records invites scrutiny. NSO Group was blacklisted by the US Commerce Department in November 2021 after Pegasus was found on the phones of journalists, dissidents, and at least one European Parliament member investigating spyware abuse.
Hulio has distanced himself from that legacy, resigning as NSO’s chief executive in August 2022 amid a corporate restructuring. Dream’s investors, led by Bicycle Capital and Group 11, have accepted his argument that defensive cybersecurity is a fundamentally different business from offensive surveillance.
Whether Latin American civil-society groups will draw the same distinction remains an open question. The region has a documented history of governments using surveillance tools against domestic opponents, and Dream’s founder built the most powerful one ever made.
The business case
Dream’s sales have reportedly exceeded $300 million, more than doubling over the past two years. The sovereign defence AI market is attracting new entrants, with startups like Rilian raising funding to deploy AI into air-gapped government environments, but Dream’s scale and government relationships give it a significant head start.
The company operates across three continents and counts sovereign clients in the Middle East among its largest accounts, though it does not publicly name its government customers. Latin America would add a fourth continent and a customer base whose cybersecurity budgets are growing from a very low base.
For Dream, the commercial logic is clear: sell to governments that need the technology, can afford it, and are politically willing to buy from an Israeli firm. For the region, the question is whether the man who built the world’s most notorious surveillance tool can be trusted to play defence.
