Good day. Artificial intelligence is enabling entrepreneurs to reimagine industries and prompting even longstanding investors to adjust their practices—two trends reflected in the latest fund from Oak HC/FT, which comes in at just under $2 billion.

Oak, a healthcare and financial-technology investor, expects a significant focus on AI with its latest fund, its sixth. The firm, for example, has been financing startups applying the technology to various aspects of the medical system, including drug discovery, healthcare administration and clinical care.

In December, for example, the firm co-led a $130 million Series B financing for Chai Discovery, whose AI capabilities could enable it to discover medicines against “hard-to-drug” targets.

With its last few funds, Oak made about 20% of investments at the early stages, but expects to bump that up to the 30% range with this new vehicle. Valuations rise quickly for top AI startups, said co-founder and Managing Partner Annie Lamont.

“You have to capture that value early,” she added.

And now on to the news...

Rising markets. Kalshi and Polymarket, the two dominant prediction-market companies, have been racing to sign up users. Now both platforms are talking to investors about raising money at around the same eye-popping valuation: $20 billion. Kalshi and Polymarket have each recently had discussions with potential backers about fundraising rounds that would value them near that figure, according to people familiar with the matter. Both were last valued at around half that late last year.

• Related: Kalshi Pushes to Expand Far Beyond Sport Bets

Eric Trump and Donald Trump Jr., the president’s sons, are backing a new drone company that is vying to meet fresh demand from the Pentagon and fill a hole left by the administration’s ban on new Chinese drones in the U.S. Powerus, a drone roll-up company based in West Palm Beach, Fla., is merging with a publicly traded golf-course holding company backed by the Trumps, Powerus executives said. The reverse merger will result in Powerus, which was formed last year, trading on the Nasdaq stock exchange in the coming months.

Andrew Ferguson has found the formula for antitrust enforcement in the MAGA era: Mix a series of mainstream cases against big business with warning shots at liberal interests and critics of President Trump’s agenda. In his first year as chairman of the Federal Trade Commission, Ferguson has steered it closer than ever to the rhythms of the White House, referring to his agency regularly as the “Trump-Vance FTC.” He has leaned in to novel fraud and antitrust theories to pursue right-wing targets like diversity, equity and inclusion programs, transgender healthcare, and media censorship and bias.

WSJ Pro is pleased to announce its 10th class of Women to Watch honorees. This year, for the first time, we have built a dedicated webpage to showcase both current and past honorees. This year’s class spans a range of strategies and backgrounds across four main categories: senior dealmakers, rising star dealmakers, fundraising and LP executives, and private-credit professionals. However, they all share the same pursuit of excellence that has earned them this honor. You can learn more about this year’s class here.

People

SOSV, an investor focused on human and planetary health, appointed Avra van der Zee as general partner. She was previously chief operating officer at Elemental Impact.

Vast, a Long Beach, Calif.-headquartered space station developer, scored $500 million in new funding from investors including Balerion Space Ventures and Space Capital.

Grow Therapy, a mental health platform, landed $150 million in Series D funding from investors including TCV and Menlo Ventures.

Photoncycle, a Norwegian startup developing solid-state hydrogen-based seasonal energy storage systems, raised €15 million (about $17 million) in Series A funding led by NordicNinja and Voima Ventures.

City Detect, a Tuscaloosa, Ala.-based AI-powered platform helping local governments proactively detect and fix urban blight, collected $13 million in Series A funding. Prudence led the round, with Managing Partner Gavin Myers joining the company’s board.

Mega, a Brooklyn, N.Y.-based AI-driven growth platform for small and mid-sized businesses, nabbed $11.5 million in Series A funding. Goodwater Capital led the round, which included participation from Andreessen Horowitz, SignalFire and others.

Voomi Supply, a Philadelphia-based B2B e-commerce platform serving HVAC, plumbing, electrical and industrial buyers, closed a $10 million Series A round led by Asymmetric Capital Partners.

DiligenceSquared, a New York-headquartered platform that automates commercial due diligence and market research for investment teams, picked up a $5 million seed round. Relentless led the funding, which included participation from Y Combinator.

Artemis, a Houston-based platform helping solar and battery companies to design, sell and finance projects, grabbed a $6 million investment co‑led by Long Journey and Copec WIND Ventures. Artemis was previously known as Monalee.

Mirai Robotics, an Italy-based startup building autonomous and intelligent systems for maritime operations, snagged $4.2 million in pre-seed funding from investors including Primo Capital and 40Jemz Ventures.

• The World Is Full of GPS Dead Zones. Here’s What Comes Next.

• FDA’s Controversial Vaccines Chief Will Leave the Agency

• Trump Signs Executive Order Aimed at Cybercrime Gangs

• AI Needs Management Consultants After All

• How AI Is Turbocharging the War in Iran

• How the OpenAI-Anthropic Feud Could Warp the Future of AI

• Anthropic’s AI Hacked the Firefox Browser. It Found a Lot of Bugs.

• WSJ Readers Share How They Are Using AI for Tax Prep

• David J. Farber, Known as the ‘Grandfather of the Internet,’ Dies at 91

This newsletter was compiled by Matthew Strozier and Zachary Cole.

Share your tips, comments and questions: vcnews@wsj.com

The team: Matthew Strozier, Yuliya Chernova, and Brian Gormley.

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