.406 Ventures

Huge congratulations to Manish Sood and the entire Reltio team on their acquisition by SAP. This is a well-deserved outcome for a team that has spent the better part of a decade tackling one of the hardest and most important problems in the enterprise and reflects not only exceptional execution, but also the power of a long-held thesis. Back in 2014, we developed a strong conviction around one of the hardest problems in the enterprise: getting to complete, clean, and trusted data. While much of the market focused on applications and analytics, we believed those layers would ultimately be constrained by the quality of the underlying data. Simply put, garbage in, garbage out or worse, decisions made on incomplete data. That belief led us to co-lead Reltio’s Series A with Crosslink and back Manish and team as they set out to solve data mastering in a fundamentally new, cloud-native way. While Reltio grew a great data infrastructure business, their Context Intelligence solution-has become the critical data foundation needed to build AI agents in the enterprise. Whether it is a sales rep or an AI agent making a decision, having full, real-time context matters. Knowing a customer has an open service issue before pushing an upsell is a simple example, but behind it sits a complex challenge: aggregating, cleaning, and unifying fragmented data across systems, technologies, and schemas. Reltio addressed this head on with an AI-ready platform that delivers real-time global access, AI-driven data quality, and a graph-native architecture that enables true contextual understanding. Manish and team have executed incredibly well, earning the trust of many of the world’s largest enterprises and growing the business 100x since our initial investment. SAP is the ideal partner to take this even further. As one of the most important enterprise platforms globally, SAP sits at the center of mission-critical workflows and now, with Reltio, at the center of trusted data for AI-driven decision making. Excited to see what comes next for this combination and grateful to have been part of the journey from the beginning. Liam Donohue Anshuman Kanwar James Redfern Don Bulmer Connie Puglia https://lnkd.in/e-KpVwnG

Applications are now open for the .406 Ventures Student Fellows program! Launched in 2008, the program attracts outstanding undergraduate and graduate student entrepreneurs. It offers them opportunities to accelerate their start-ups through applied skills and access to experienced mentors as well as day-long workshops with industry leaders. With a network of over 130 alumni, we look forward to expanding this vibrant community and welcoming Class XVIII. To learn more: https://lnkd.in/e4KFMUq7 To apply: https://lnkd.in/eJwCBDSQ Any questions? Email us at studentfellows@406ventures.com

It’s always nice when the outside world notices what we get to see up close. Three of the more than two dozen female founders that .406 Ventures has backed were named to Inc. Magazine’s 2026 Female Founders 500 list. Jessica (Schiffman) Gaulton MD, MPH at FamilyWell Health was recognized for tripling the company’s client base across clinics and health systems in five states while helping make maternal mental health part of the standard of care. Mona Potter, MD and Kathryn Boger, Ph.D., ABPP at InStride Health were recognized for expanding access to family-saving, life-changing, insurance-reimbursable treatment for young people with anxiety and OCD. Building companies that make it easier for women and children to get access to world-class mental health care -- while improving how the system works -- is not easy work. Jess, Mona, and Kat are doing exactly that. We feel very lucky to be on the journey with them. https://lnkd.in/d_2CzDy #FemaleFounders500 Liam Donohue, Payal Agrawal Divakaran, Kathryn Taylor Reddy

We love it when our Student Fellows are onsite in Boston! Last Friday was no exception. This session had an extra bonus: two of the speakers were alumni of the program, a great example of the strength (and growing reach) of the Fellows network. Nothing like seeing it come full circle. Many thanks to a terrific lineup of speakers who shared their expertise on the art and science of sales and marketing: Rachel Daricek (Redox), Eric Shoemaker (Keebo), Rayan Garg (Class XV, Theta), Philip Ho (Class XIV, Absurd), and Nina Pfister (MAG PR). A special thanks to the graduating Class XVI for the gift of books for our speakeasy collection 😊, and to alums Macdonald Chirara, Dominic Gelfuso, Kabir Moghe, and Shashank Srikant for joining us for dinner and conversation. Launched in 2008, this two-year program now includes a network of 130+ alumni and continues to attract outstanding undergraduate and graduate student entrepreneurs. We will begin accepting applications for Class XVIII later this month. Learn more: https://lnkd.in/e4KFMUq7 Abhinav Reddy, Anantika Mannby, Angela Choi, Anshal Gupta, Ashton Chew, Ava Poole, Bernardo Villegas Moreno, Brian Zhou, Carly Bolton, Chris Carter, Diana Grass, Dwija Adamala, Edward Zhang, Jack Blair, Manasi Gajjalapurna, Marc Zoghby, Maxx Yung, M. Hague, Payal Chandak, Rishab Jain, Rishabh Goel, Ruchir Kavulli, Sheryl Hsu, Shriya Bhat, Stephen Xu, Trevor Xing-Xie, Vienna Sparks, Yash Kakade, Zarif Azher

Huge congratulations to J.J. Guy, Greg Fitzgerald, and the entire Sevco Security team on their acquisition by Arctic Wolf. 🎉 Sevco set out to fix a basic but painful problem in security -- if you do not have a clear, current view of your assets and exposures, you are playing defense in the dark. Sevco’s solution gave enterprise customers a true system of record and earned recognition as a Visionary in the 2025 Gartner Magic Quadrant for Exposure Assessment Platforms along the way. We are proud to have partnered with this team from the very beginning, when all they had was a sharp thesis, deep conviction, and a clear sense that security teams deserved better. Excited to see their work reach even more organizations as part of Arctic Wolf. You can read the announcement here: https://lnkd.in/gWE66hh3 Greg Dracon

Five years ago, Kathryn Taylor Reddy (aka, KT) joined .406 Ventures. Since then, she's made every conversation sharper, every investment decision better, and the work we do much more fun. Today, the National Venture Capital Association named her a Rising Star, recognizing all that and more. US healthcare is lucky to have her pushing for meaningful change. Congratulations to KT and the four other honorees. Thanks to the NVCA for celebrating the next generation of venture leaders.

There is nothing better than teaming up with a brilliant and trusted leader to bring an innovative solution to a huge problem. Such is the case in our working with (for second time!) AbleTo Inc. veteran Yael Berman to reimagine digital therapeutics in a world with a newly announced/superior payment model, radically cool AI capabilities and surging demand. Even better to be working on this with good friends: Alexi Nazem/AlleyCorp; Alyssa Reisner/CVS Health; Thomas C. Hawes, M.D., MBA/Sandbox Industries; Mike Masterson/Supermoon and Janke Dittmer/Gilde Healthcare. Congratulations to Yael and team! Trip Hofer Marin Lang Rebecca Redfield

Strong data matters in behavioral health, particularly when it leads to evidence-based outcomes grounded in real patient care. Huge congratulations to Nema Health and co-founders Sofia Noori, MD MPH, Isobel Rosenthal, MD, MBA, and Mariam Malik on their first peer-reviewed publication, evaluating virtual, intensive Cognitive Processing Therapy. The outcomes are striking: ⭐ ~99% of patients no longer met criteria for probable PTSD at end of treatment 😊 Meaningful reductions in PTSD, depression, and anxiety ⏱️ Improvements sustained at 90 days This thoughtful, rigorous work reinforces a simple but powerful truth: evidence-based care can drive real recovery. The full paper is linked here: https://lnkd.in/gcVeKzvD Payal Agrawal Divakaran, Liam Donohue

Last week, Liam Donohue, Reena Pande, and Lindsey Leininger dodged snowstorms and polar vortexes to teach their annual course on Technology-Enabled Disruption in Health Care Delivery at the The Tuck School of Business at Dartmouth. This year’s class featured the founding CEOs of two .406 Ventures portfolio companies, Jeffrey Wessler of Heartbeat Health and Chris Johnson of Bluebird Kids Health. The discussion focused on the two companies; the problems they are solving using tech-enabled models; the current and future role of AI in care delivery; and, the realities of building in healthcare, including the value of keeping a strong mission-driven orientation. Over a lunch-and-learn, Liam also shared a framework he has seen play out time and again, the three stages of entrepreneurial leadership and how each stage requires a different set of skills, mindset, and tradeoffs. Big thanks to Tuck, the Tuck Center for Health Care, Lindsey, Reena, Jeff, and Chris for a thoughtful, candid set of conversations and a great visit.

Women’s mental health has been underserved not because the need is unclear, but because the system was not designed for it. That’s the heart of this Breaking Health podcast episode, where .406 partner Payal Agrawal Divakaran hosts Jessica (Schiffman) Gaulton MD, MPH, founder and CEO of FamilyWell Health, a .406 portfolio company. Jess also shares her journey from physician to founder, and why mission-aligned investors matter when you are trying to fix a broken healthcare system. 🎧 Listen to the episode to hear how FamilyWell is building a more accessible, equitable approach to women’s mental healthcare: https://lnkd.in/eYA2zZvA