Today's column didn't quite come together in time, so let's dig into the notebook:

🙈 Status quo: President Trump yesterday put a MAGA filter on his laissez-faire approach to AI regulation, saying that safety concerns are little more than "hoaxes" perpetrated by the "radical left."

• It's one of the relatively few times when Trump's populist instincts appear subordinate to the views of investor allies, and could create some tricky questions for Republicans in the midterms. But at least everyone knows where the White House stands.

💊 Reward vs. risk: On Thursday night I hosted a conversation in Cambridge with Yvonne Hao, chief operating officer at Flagship Pioneering, the VC firm best known for creating Moderna.

• She talked a lot about "paranoid optimism" around AI, so I closed by asking: "What is more likely to happen first: AI helps cure a major disease or AI helps create a bioweapon?"
• Without hesitation she picked the former.

🚑 Future of health care: Transformation Capital, a digital health-focused VC and growth equity firm, yesterday announced that it raised $850 million for its fourth fund. So I chatted with managing partner and firm co-founder Todd Cozzens, and had three takeaways:

• Cozzens believes that we will have robot doctors, albeit with humans in the loop, particularly for low-acuity care so that professionals "can practice at the top of their license."
• He does not expect Anthropic and OpenAI to dominate health care, because he believes the industry requires more focus than either frontier lab will devote.
• Cozzens last year told Business Insider that AI was creating a "nuclear weapons arms race" between payers and providers. I asked who was winning, to which he said that providers got an early lead but payers have since evened the playing field. He adds that this tension will ultimately reduce health costs, rather than just be a fight for the same dollar.

🔩 Steel stuff: Sen. John Fetterman (D-Pa.) generated headlines last week by appearing via video at the GOP's midterm convention, but I was more interested in where he shot the video than where it was shown.

• He was in front of a U.S. Steel facility near Pittsburgh, which tied into his comments about how he would continue to work with Sen. Dave McCormick (R-Pa.) and President Trump to "defend the steel way of life" in Pennsylvania.
• What Fetterman didn't mention, however, was his long opposition to the Nippon Steel takeover of U.S. Steel that McCormick and Trump both ultimately supported and facilitated. He softened at the end, praising Nippon's additional investment commitments, but also reiterated support for workers whose union never flipped in favor.
• Moreover, Fetterman's video decried the rise of socialism, without noting that the final deal included a quasi-socialist "golden share."

Exein, an Italian provider of cybersecurity solutions for connected devices, has raised $270 million led by Headline at a $1.7 billion valuation.

Why it matters: AI fears — both legitimate and imagined — are prompting a boom in cybersecurity funding.

• Exein, which embeds protection in device firmware and is developing its own foundation model for physical security, is now Europe's second most valuable cybersecurity startup (behind Nord Security).

Other investors include Sofina, Goldman Sachs, European Investment Bank Group, KfW Capital, T Capital and insiders Balderton, HV, Intrepid Growth Partners, 33N Ventures, Lakestar, Supernova Invest, Blue Cloud Ventures, and Geodesic Capital.

• Exein also expanded an existing credit line with JPMorgan and added KfW as a lender.

Elsewhere: AIUC, a provider of safety solutions for companies building AI models and agents, raised $40 million in Series A funding led by Ribbit Capital. It's co-founded by former METR COO Rajiv Dattani and early Anthropic employee Rune Kvist.

The bottom line: "Investors are leaning into the scary AI talk, betting that companies and governments will increase cybersecurity spending to deal with rapidly advancing threats." — Emily Peck, Axios

• Temporal, a Bellevue, Wash.-based microservices orchestration startup, raised $550m in Series E funding at a $12.55b valuation. Lightspeed led, joined by Wellington, Goldman Sachs, Tiger Global, T. Rowe Price, SV Angel, a16z, Sequoia Capital, Index Ventures, Sapphire Ventures, GIC, and Amplify. axios.link/4r8nHY4

• Cornelis Networks, a Wayne, Pa.-based data center infrastructure startup, raised $205m led by IAG Capital Partners. axios.link/4hsnrzS

• Profound, a NYC-based AI marketing startup for brands, raised $180m at a $1.8b valuation. Kleiner Perkins and Sequoia Capital led, joined by fellow insiders Lightspeed and Khosla Ventures. axios.link/3VeNAJP

• Buildots, an Israeli construction software startup, raised $130m at a reported $1b valuation. O.G. Venture Partners led, joined by Lightspeed, Intel Capital, Mohari Ventures, Human Capital, Israeli funds Qumra Capital, Viola Growth, and Poalim Equity. axios.link/4xPVNTb

• Isometric, a certifier for industrial claims, raised $50m from Intercontinental Exchange. isometric.com

• Nuance Labs, a Seattle-based startup focused on making AI conversations more "human," raised $50m in Series A funding. Lightspeed led, joined by insiders Accel, South Park Commons, Nvidia, and Define Ventures. axios.link/4gNO9Tq

⚡ Helion, an Everett, Wash.-based nuclear fusion startup, added $45m to its Series G funding (total of $500m at a $15.6b post-money valuation). axios.link/4gUFCOG

🚑 Evvy, an NYC-based women's health diagnostics startup, raised $40m in Series B funding, per Axios Pro. Catalio Capital Management led, joined by US Fertility Innovation Fund, Rethink Impact, Muse Capital, Alumni Ventures and insiders LabCorp Venture Fund and General Catalyst. axios.link/3UIQnei

• Jack & Jill, a London-based agentic job-finding platform, raised $40m in Series A funding, per Axios Pro. Air Street Capital led, joined by Madrona, Creandum, and Entrepreneurs First. axios.link/4gUFA9v

⚡ Branch Energy, a Houston-based installer of batteries in commercial buildings, raised $33m in Series B funding, per Axios Pro. Piva Capital and Clean Energy Ventures led, joined by Prelude Ventures, Zero Infinity Partners, Inovia, Whitecap, and Active Impact Investments. axios.link/3VwCSyr

⚡ Planted, an Oakland, Calif.-based developer of robots for building solar farms, raised $31.8m. Piva Capital and RA Capital Management led, joined by Breakthrough Energy Ventures, Gigascale Capital, Google, and Khosla Ventures. axios.link/3TrLd61

• BuyWander, a Spokane, Wash.-based auction platform for retail returns, raised $21m led by Madrona and Inspired Capital, per Axios Pro. axios.link/4gOllu0

• Mithrl, an SF-based AI infrastructure company for biopharma, raised $20m in Series A funding, per Axios Pro. Obvious Ventures led, joined by Headline and AGI House. axios.link/4hnVeKB

⚡ Nomos, a German startup connecting household energy assets to Europe's electricity markets, raised €20m led by Index Ventures. axios.link/4Acyjcz

• Rebuild, an NYC-based provider of insurance-claim software for restoration contractors, raised $13m from Asymmetric Capital Partners, Gutter Capital, 25madison, Lightbank, and Green Egg Ventures. axios.link/4ip99RD

• Zero, a Finnish CRM startup, raised $10.3m in seed funding. Primary Venture Partners led, joined by Inception Fund, Defiant, and Greens. axios.link/4yJhHrv

• Robocurve, an SF-based provider of benchmarks for how frontier AI models perform on robots, raised $10m in seed funding. Initialized Capital led, joined by Notable Capital, Decasonic, YC, and Halcyon Futures. axios.link/4xYlRvD

• Aron, a developer of AI agents for procurement teams, raised $8m from Menlo Ventures and Storm Ventures. axios.link/4Ad9Ofi

• Decimal AI, which serves technical customer support teams, raised $4m in seed funding, per Axios Pro. Khosla Ventures and Kearny Jackson led, joined by Atlassian Ventures and Weekend Fund. axios.link/4xURnKJ

⚡ Depotcharge, a German shared charging infrastructure platform, raised €2.7m in pre-seed funding. HTGF led, joined by xdeck Ventures, Kopa Ventures, and Prequel Ventures. axios.link/3UNcsZb

• Allyant, a Thompson Street Capital Partners portfolio company, acquired Braille Works, a Seffner, Fla.-based provider of accessible alternative format communications. axios.link/4hnpvJv

• Aurelius agreed to acquire the U.K. and European business of better-for-you food firm Hain Celestial Group (Nasdaq: HAIN) for $323m. axios.link/4xp0wKw

• Bertram Capital invested in Starc Systems, a Brunswick, Maine-based maker of reusable temporary containment wall systems. axios.link/4h7IqXB

⚡ Carlyle ⁠agreed to acquire Canadian oil and gas company Parallax from Carnelian Energy Capital. axios.link/3UStMMi

• CVC and JC Flowers are bidding on Aldermore, the U.K. bank arm of South African lender FirstRand (JSE: FSR), per Reuters. axios.link/4j1SlAj

🚑 Endpoint Clinical, an Arsenal Capital Partners portfolio company, acquired Bluefin, a Boston-based provider of clinical supply forecasting and planning tech. axios.link/4xZVi9k

• FountainVest and HSG are circling Alpinestars, an Italian maker of protection gear for motorcycle racers that could fetch around €1b, per Bloomberg. axios.link/4hcKE89

• H.I.G. Capital merged Action Elevator Co. and All City Elevator to form EverRise Lift Group, an elevator service and modernization platform. axios.link/3URbcUQ

⚡ Hy24, a JV between Ardian and FiveT Hydrogen, agreed to buy a 20% stake in European gas pipeline Opal from Uniper (ETR: UN0). axios.link/4AfGUeE

⚡ Loenbro, a Kohlberg portfolio company, acquired Prism Electric, an electrical contractor in Texas and Oklahoma. axios.link/4yEp0Ra

• MBK Partners will help launch a $1.7b take-private tender for Leopalace21 (Tokyo: 8848), a Japanese apartment management company. axios.link/4xmrLFP

• New Mountain Capital acquired a minority stake in Appleby, an offshore legal and corporate services platform. axios.link/46mYvnm

• Partners Group invested in SEG, an international sports talent agency. axios.link/4h8X28U

• Spaggiari, an Ambienta portfolio company, acquired E-Schooling Dream Shaper, a provider of education software in Iberia and Latin America. axios.link/4yIjTQ6

• Brown Brothers Harriman sold The Granite Group, a Concord, N.H.-based distributor of plumbing and HVAC products with around $500m in annual sales, to Watsco (NYSE: WSO). axios.link/4dCfvJY

• Grab (Nasdaq: GRAB) agreed to acquire a majority stake in Singaporean BNPL provider Atome for $1.49b in cash. Atome backers include SoftBank and Warburg Pincus. axios.link/3TaJUIz

🚑 GSK (NYSE: GSK) agreed to acquire a trispecific T-cell engager from Chimagen Biosciences, a Chinese biotech whose backers include Foresite Capital, for up to $750m. axios.link/4rbyCjV

⚡ KKR has sold its entire 19.9% stake in listed Philippine power producer First Gen for around $410m. axios.link/46rpOg7

• KPS Capital Partners agreed to sell Italian aluminum profile manufacturer Metra to Polish industrial group Grupa Kęty for €645m. axios.link/3US97rN

🚑 Medallion, a health-care credentialing company backed by $130m in VC funding, acquired Andros, a provider network management startup, per Axios Pro. Andros had raised about $47m from backers like Questa Capital, Windham Venture Partners, and Primary Ventures. axios.link/46r3bZj

• OpenAI acquired Los Altos, Calif.-based smartphone camera maker Glass Imaging for over $300m, per the WSJ. Glass had raised over $31m from Insight Partners, GV, Future Ventures, and Abstract Ventures. axios.link/4j4tT1h

• Procare Solutions, owned by Roper Technologies (Nasdaq: ROP), bought Playground, an NYC-based child care management platform that had raised $3.35m in seed funding led by Human Capital and Bedrock in 2021. axios.link/3SO8cbf

• Ubicquia, a VC-backed intelligent infrastructure platform for utilities and municipal agencies, bought Databuoy, a gunshot detection platform that had raised around $9m from firms like Beresford Ventures, Ironate Capital, and Quake Capital. axios.link/4rdHWno

• Vista Equity Partners hired Morgan Stanley to find a buyer for Finastra, a London-based maker of software for financial institutions, per Reuters. axios.link/3VwlABu

• The U.S. Department of Defense is investing $450m for a 20% stake in Elmet Group, a Portland, Maine-based tungsten producer. axios.link/47217XK

• Essity is seeking to sell its consumer tissue business, after activist Cevian Capital acquired a minority stake in the listed Swedish company, per Bloomberg. axios.link/46YaTtZ

• Kimberly-Clark (Nasdaq: KMB) is planning divestitures to address European antitrust concerns about its $49b takeover of Tylenol maker Kenvue (NYSE: KVUE), per Reuters. axios.link/4xBqfQk

• Moody's (NYSE: MDO) agreed to acquire a minority stake in Philippine Rating Services. axios.link/4xVAcJj

• Puig (Madrid: PUIG) has agreed to buy the stake it didn't already hold in Spanish skincare company Isdin from Esteve for €1.4b. axios.link/4xJoDUJ

• Carlyle raised $2.3b for its second infrastructure credit fund. carlyle.com

• Radical Ventures of Canada raised over US$1b for a new late-stage fund. axios.link/4r9oh7T

🚑 Holly Atallah joined NaviMed Capital as CFO and VP of compliance. She previously was with BroadOak Capital Partners. axios.link/4hqsalB

• Victoria Davies joined Sound Point Capital as a managing director and head of Europe for global client solutions. She previously was with King Street. axios.link/4xU43l8

• Katherine Dowley joined Vance Street Capital as head of IR. She previously was with W Capital Partners. axios.link/4h7sWTe

• Domenic Martinelli joined Redrock Strategic Advisors as a director. He previously was with CapM Advisors. axios.link/46kZlkr

• Philip Nolan joined Warburg Pincus as head of U.S. wealth. He previously was with Neuberger Berman. axios.link/4hrJh6y

• Periscope Equity promoted Eric Hinkle to partner. axios.link/4AfI1ek

• Yukon Partners promoted Nathan Weekly to director. axios.link/4gULqrr