Liam Donohue on Fixing U.S. Healthcare: Why AI Alone Won’t Save It

January 2, 2026

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About the Guest

Liam Donohue

Co-Founder & Managing Partner at .406 Ventures

Liam Donohue is Co-Founder and Managing Partner at .406 Ventures, an early-stage venture capital firm based in Boston. Prior to founding .406 in 2005, he launched Arcadia Partners, one of the first EdTech-focused funds, and previously worked at Booz Allen Hamilton, where he opened the firm’s Budapest office. With decades of investing and operating experience, Liam specializes in healthcare, data + AI, and cybersecurity startups. He holds degrees from Georgetown University and Dartmouth's Tuck School of Business, and serves on multiple boards across the digital health ecosystem.

Episode Overview

AI can’t fix what the healthcare system fundamentally gets wrong.

In this episode, Liam Donohue, Co-Founder and Managing Partner at 406 Ventures, shares why his firm is betting on value-based care—and why AI risks breaking the system if applied to the wrong incentives.

From launching EdTech’s earliest funds to shaping 406 Ventures’ sector focus in healthcare, cybersecurity, and infrastructure, Liam offers hard-won lessons in disciplined investing, operator-first teams, and systemic transformation.

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