MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Monday March 30, 2026 at 9:00 AM
Location
https://us02web.zoom.us/j/81805806309?pwd=IV24YOmeg3Eowp46OywSqELKgxAGxF.1&from=addon
Meeting ID: 818 0580 6309
Passcode: 787043
1075 Main Street, Suite 100
Waltham, MA 02451
Directors Present
B. Linville-Engler (remote), B. Shim (remote), E. Kennedy (remote), E. Paley, J. O'Reilly (remote), L. Wittenberg, M. Cowan (remote), M. James (remote), R. Jarquin (remote), R. Wilcox
Directors Absent
D. Schultheis
Directors who arrived after the meeting opened
E. Kennedy
Guests Present
C. Hipwood, J. Madison, L. Kramer, M. Kassaraba, M. Snow, P. Yadav, S. Leis, S. Swider, V. Nijhawan, W. Leslie, Z. Moochhala
I. Opening Items
A.
Call the Meeting to Order
B.
Examples of Mission
C.
Highlights
Mr. Hipwood provided examples of Highlights since the prior meeting. Discussion ensued.
II. Approvals
A.
Remove Jim Madison as Asst. Treasurer and Signatory
| Roll Call | |
|---|---|
| B. Linville-Engler |
Aye
|
| L. Wittenberg |
Aye
|
| E. Kennedy |
Absent
|
| R. Jarquin |
Aye
|
| M. Cowan |
Aye
|
| J. O'Reilly |
Aye
|
| M. James |
Aye
|
| E. Paley |
Aye
|
| D. Schultheis |
Absent
|
| R. Wilcox |
Aye
|
| B. Shim |
Aye
|
B.
Appoint Larry Kramer as Asst. Treasurer and Signatory
| Roll Call | |
|---|---|
| R. Jarquin |
Aye
|
| M. James |
Aye
|
| J. O'Reilly |
Aye
|
| L. Wittenberg |
Aye
|
| E. Kennedy |
Absent
|
| R. Wilcox |
Aye
|
| M. Cowan |
Aye
|
| E. Paley |
Aye
|
| D. Schultheis |
Absent
|
| B. Linville-Engler |
Aye
|
| B. Shim |
Aye
|
C.
RLF Plan
| Roll Call | |
|---|---|
| B. Shim |
Aye
|
| E. Kennedy |
Absent
|
| D. Schultheis |
Absent
|
| J. O'Reilly |
Aye
|
| R. Jarquin |
Aye
|
| M. James |
Aye
|
| L. Wittenberg |
Aye
|
| M. Cowan |
Aye
|
| E. Paley |
Aye
|
| R. Wilcox |
Aye
|
| B. Linville-Engler |
Aye
|
D.
Board Minutes
| Roll Call | |
|---|---|
| B. Shim |
Aye
|
| M. Cowan |
Aye
|
| D. Schultheis |
Absent
|
| B. Linville-Engler |
Aye
|
| E. Kennedy |
Absent
|
| L. Wittenberg |
Aye
|
| M. James |
Aye
|
| J. O'Reilly |
Aye
|
| R. Wilcox |
Aye
|
| E. Paley |
Aye
|
| R. Jarquin |
Aye
|
E.
Pre-Investment Action Sheet - Envision Endoscopy
| Roll Call | |
|---|---|
| L. Wittenberg |
Aye
|
| D. Schultheis |
Absent
|
| M. Cowan |
Aye
|
| E. Kennedy |
Absent
|
| E. Paley |
Aye
|
| B. Linville-Engler |
Aye
|
| J. O'Reilly |
Aye
|
| M. James |
Aye
|
| R. Wilcox |
Aye
|
| R. Jarquin |
Aye
|
| B. Shim |
Aye
|
F.
Pre Investment Action Sheet - StataDX
| Roll Call | |
|---|---|
| D. Schultheis |
Absent
|
| E. Kennedy |
Absent
|
| R. Jarquin |
Aye
|
| M. Cowan |
Aye
|
| R. Wilcox |
Aye
|
| E. Paley |
Aye
|
| L. Wittenberg |
Aye
|
| M. James |
Aye
|
| B. Linville-Engler |
Aye
|
| B. Shim |
Aye
|
| J. O'Reilly |
Aye
|
III. Financial Matters
A.
Treasurer's Report
Mr. Kramer presented the Treasurer's report for month-end January 2026. Discussion ensued.
B.
Approve Treasurer's Report
| Roll Call | |
|---|---|
| B. Linville-Engler |
Aye
|
| J. O'Reilly |
Aye
|
| M. James |
Aye
|
| E. Kennedy |
Absent
|
| D. Schultheis |
Absent
|
| R. Wilcox |
Aye
|
| M. Cowan |
Aye
|
| R. Jarquin |
Aye
|
| B. Shim |
Aye
|
| E. Paley |
Aye
|
| L. Wittenberg |
Aye
|
IV. Conflicts of Interest
A.
Conflicts
Mr. Hipwood presented a list of companies under consideration for investment and asked that any conflicts of interest be declared. None were noted.
V. Executive Session
A.
Roll Call Vote to Enter Executive Session
| Roll Call | |
|---|---|
| E. Kennedy |
Absent
|
| L. Wittenberg |
Aye
|
| R. Jarquin |
Aye
|
| J. O'Reilly |
Aye
|
| B. Linville-Engler |
Aye
|
| R. Wilcox |
Aye
|
| M. Cowan |
Aye
|
| M. James |
Aye
|
| D. Schultheis |
Absent
|
| B. Shim |
Aye
|
| E. Paley |
Aye
|
B.
START Grant Discussion
Mr. Hipwood presented a list of potential winners and alternates for the START grant program. Discussion ensued.
C.
START Grant Winners Approval
| Roll Call | |
|---|---|
| B. Linville-Engler |
Aye
|
| B. Shim |
Aye
|
| E. Paley |
Aye
|
| D. Schultheis |
Absent
|
| M. Cowan |
Aye
|
| L. Wittenberg |
Aye
|
| M. James |
Aye
|
| R. Wilcox |
Aye
|
| R. Jarquin |
Aye
|
| E. Kennedy |
Aye
|
| J. O'Reilly |
Aye
|
D.
QuNett Preview
Ms. Swider presented an overview of QuNett for potential deep due diligence. Discussion ensued. Mr. Linville-Engler noted that Qunett (formerly Quantum Network Technologies) has been active within NEMC and were grantees in the PROPEL Manufacturing and PROPEL Operations programs for an approximate total of $115K. Note, these are from the DOW funds, not state funding:
https://nemicroelectronics.org/news/northeast-microelectronics-coalition-announces-143-million-19-semiconductor-companies
https://nemicroelectronics.org/news/northeast-microelectronics-coalition-hub-awards-more-1-million-advance-microelectronic
E.
Pipeline Report
Mr. Hipwood presented information on two investment opportunities in which MassVentures has decided not to invest. Discussion ensued.
F.
Portfolio Update
G.
Roll Call Vote to Return to Open Session
| Roll Call | |
|---|---|
| B. Shim |
Aye
|
| B. Linville-Engler |
Aye
|
| M. Cowan |
Aye
|
| E. Kennedy |
Aye
|
| R. Jarquin |
Aye
|
| D. Schultheis |
Absent
|
| J. O'Reilly |
Aye
|
| E. Paley |
Aye
|
| R. Wilcox |
Aye
|
| L. Wittenberg |
Aye
|
| M. James |
Aye
|
Upon returning to open session, Mr. Hipwood announced that a vote was taken to approve the list of START winners and alternates.
VI. President's Report
A.
Opportunity Pipeline Discussion
Mr. Hipwood presented an analysis of the investment opportunity pipeline and funnel. Discussion ensued.
B.
General Update
Mr. Hipwood provided a brief update on the business and ongoing strategy. Discussion ensued.
At 10: 55, all members of Management other than Mr. Hipwood then left the meeting and the directors and Mr. Hipwood held a brief discussion. Thereafter, Mr. Hipwood left the meeting and the Board conducted a brief Board-only discussion.
Mr. Hipwood provided examples of Mission since the prior meeting.