MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Monday August 3, 2026 at 9:00 AM
1075 Main Street, Suite 100
Waltham, MA 02451
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Directors Present
B. Linville-Engler, B. Shim (remote), D. Schultheis (remote), E. Kennedy (remote), E. Paley (remote), L. Wittenberg (remote), M. Cowan, M. James (remote), R. Jarquin (remote), R. Wilcox
Directors Absent
None
Directors who arrived after the meeting opened
M. Cowan
Directors who left before the meeting adjourned
R. Jarquin
Guests Present
C. Hipwood, L. Kramer, M. Kassaraba, M. Snow, P. Yadav, S. Leis (remote), S. Swider, V. Nijhawan, W. Leslie, Z. Moochhala
I. Opening Items
A.
Call the Meeting to Order
B.
Examples of Mission
Mr. Hipwood provided examples of mission.
C.
Highlights
Mr. Hipwood and Mr. Kassaraba provided highlights since the last meeting. Discussion ensued.
II. Approvals
A.
Board Minutes
| Roll Call | |
|---|---|
| D. Schultheis |
Aye
|
| M. James |
Abstain
|
| E. Kennedy |
Aye
|
| E. Paley |
Aye
|
| B. Linville-Engler |
Abstain
|
| L. Wittenberg |
Aye
|
| M. Cowan |
Absent
|
| R. Jarquin |
Aye
|
| R. Wilcox |
Aye
|
| B. Shim |
Aye
|
III. Financial Matters
A.
Treasurer's Report
Mr. Kramer provided the Treasurer's report for the month ending May 2026. Discussion ensued.
B.
Approve Treasurer's Report
| Roll Call | |
|---|---|
| R. Jarquin |
Aye
|
| D. Schultheis |
Aye
|
| E. Kennedy |
Aye
|
| R. Wilcox |
Aye
|
| B. Shim |
Aye
|
| M. James |
Aye
|
| L. Wittenberg |
Aye
|
| M. Cowan |
Absent
|
| B. Linville-Engler |
Aye
|
| E. Paley |
Aye
|
IV. Conflicts of Interest
A.
Conflicts
Mr. Hipwood provided a list of companies under consideration for potential investment and asked that the Board declare any conflicts of interest. None were noted.
V. Executive Session
A.
Roll Call Vote to Enter Executive Session
| Roll Call | |
|---|---|
| E. Paley |
Aye
|
| R. Jarquin |
Aye
|
| B. Linville-Engler |
Aye
|
| R. Wilcox |
Aye
|
| M. James |
Aye
|
| D. Schultheis |
Aye
|
| B. Shim |
Aye
|
| M. Cowan |
Aye
|
| L. Wittenberg |
Aye
|
| E. Kennedy |
Aye
|
B.
Icarus Presentation
The founder of Icarus joined by zoom to discuss Icarus and the opportunity to invest in the seed funding round. Discussion ensued.
C.
Icarus Discussion
Mr. Nijhawan and Ms. Yadav presented an overview of the investment opportunity and the due diligence findings. Discussion ensued.
D.
Icarus Vote
Mr. Barry and Ms McGilvray also voted to approve the investment.
| Roll Call | |
|---|---|
| M. Cowan |
Aye
|
| L. Wittenberg |
Aye
|
| D. Schultheis |
Aye
|
| B. Linville-Engler |
Aye
|
| B. Shim |
Aye
|
| R. Jarquin |
Aye
|
| E. Paley |
Aye
|
| M. James |
Aye
|
| E. Kennedy |
Aye
|
| R. Wilcox |
Aye
|
E.
Waterfall Scientific Presentation
The founders of Waterfall Scientific joined by zoom to discuss the company and the opportunity to invest in the funding round. Discussion ensued.
F.
Waterfall Discussion
Mr. Kassaraba and Mr. Snow presented an overview of the investment opportunity and the due diligence findings. Discussion ensued.
G.
Waterfall Vote
Mr. Barry and Ms McGilvray also voted to approve the investment.
| Roll Call | |
|---|---|
| L. Wittenberg |
Aye
|
| D. Schultheis |
Aye
|
| E. Kennedy |
Aye
|
| E. Paley |
Aye
|
| B. Linville-Engler |
Aye
|
| B. Shim |
Aye
|
| R. Jarquin |
Absent
|
| R. Wilcox |
Aye
|
| M. James |
Aye
|
| M. Cowan |
Aye
|
Mr. Barry, Ms. McGilvray, and Mr. Pangestu left the meeting.
H.
SpaceRake Preview
Mr. Snow provided a preview of SpaceRake. Discussion ensued.
I.
SimpliMade Preview
Mr. Nijhawan provided a preview of Simplimade. Discussion ensued.
J.
Orthographic Preview
Ms. Yadav provided a preview of Orthographic. Discussion ensued.
K.
Pipeline Report
L.
Portfolio Update
Mr. Hipwood provided an update on several portfolio companies.
M.
Roll Call Vote to Return to Open Session
| Roll Call | |
|---|---|
| D. Schultheis |
Aye
|
| M. Cowan |
Aye
|
| E. Kennedy |
Aye
|
| R. Wilcox |
Aye
|
| L. Wittenberg |
Aye
|
| M. James |
Aye
|
| B. Linville-Engler |
Aye
|
| E. Paley |
Aye
|
| B. Shim |
Aye
|
| R. Jarquin |
Absent
|
After returning to open session, Mr. Hipwood announced that votes were taken during executive session regarding investments in Icarus and Waterfall Scientific.
VI. President's Report
A.
General Update
Mr. Hipwood provided some general updates on the business. Discussion ensued.
It was noted that Mr. Barry and Ms. McGilvray of MassDevelopment are attending the meeting as investment committee members for Commonwealth CRA Fund 1. Mr. Pangestu of MassDevelopment is also joining as an observer.