MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Thursday September 9, 2021 at 8:00 AM
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Meeting ID: 822-6258-6861
Password: 2002
Dial by your location
(301) 715 8592
Directors Present
C. Bouthot (remote), C. Stepno (remote), D. Cox, J. Lee (remote), J. O'Reilly (remote), J. Turner (remote), M. James (remote), M. Valanzola (remote), N. Collins (remote), R. Jarquin (remote), W. Asher (remote)
Directors Absent
J. Hoch, M. Attia
Directors who arrived after the meeting opened
D. Cox
Directors who left before the meeting adjourned
C. Bouthot, J. O'Reilly
Guests Present
C. Hipwood (remote), J. Allen (remote), J. Madison (remote), M. Wilcox (remote), P. Yadav (remote), V. Nijhawan (remote)
I. Opening Items
A.
Call the Meeting to Order
R. Jarquin called a meeting of the board of directors of MassVentures to order on Thursday Sep 9, 2021 at 8:02 AM.
B.
Examples of Mission
Mr. Hipwood provided several examples of the MassVentures' staff providing technical assistance and ecosystem support to further the mission.
II. Approvals
A.
Board Minutes
J. Turner made a motion to approve the minutes from MassVentures Board Meeting on 07-29-21.
C. Stepno seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| N. Collins |
Aye
|
| J. O'Reilly |
Aye
|
| J. Turner |
Aye
|
| C. Stepno |
Aye
|
| W. Asher |
Aye
|
| J. Lee |
Aye
|
| M. James |
Aye
|
| D. Cox |
Absent
|
| M. Valanzola |
Abstain
|
| M. Attia |
Absent
|
| C. Bouthot |
Aye
|
| R. Jarquin |
Aye
|
| J. Hoch |
Absent
|
III. Financial Matters
A.
Treasurer's Report
Mr. Madison presented the June 30, 2021 financials. Discussion ensued.
B.
Approve Treasurer's Report
J. Turner made a motion to Approve the financials as presented by Mr. Madison.
W. Asher seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| M. Attia |
Absent
|
| C. Stepno |
Aye
|
| J. Hoch |
Absent
|
| J. Turner |
Aye
|
| M. Valanzola |
Aye
|
| J. Lee |
Aye
|
| W. Asher |
Aye
|
| J. O'Reilly |
Aye
|
| C. Bouthot |
Aye
|
| D. Cox |
Absent
|
| R. Jarquin |
Aye
|
| N. Collins |
Aye
|
| M. James |
Aye
|
C.
Pre-investment action sheet - Kytopen
C. Stepno made a motion to Approve the pre-investment action sheet for Kytopen as presented.
M. Valanzola seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| N. Collins |
Aye
|
| J. Turner |
Aye
|
| C. Stepno |
Aye
|
| R. Jarquin |
Aye
|
| J. Hoch |
Absent
|
| C. Bouthot |
Aye
|
| M. Valanzola |
Aye
|
| J. Lee |
Aye
|
| W. Asher |
Aye
|
| M. Attia |
Absent
|
| D. Cox |
Absent
|
| J. O'Reilly |
Aye
|
| M. James |
Aye
|
D.
Comp Committee Minutes from September 8, 2021
C. Stepno made a motion to approve the minutes from Compensation Committee on 09-08-21.
W. Asher seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| M. Attia |
Absent
|
| J. Lee |
Aye
|
| J. Turner |
Aye
|
| W. Asher |
Aye
|
| M. James |
Aye
|
| D. Cox |
Absent
|
| R. Jarquin |
Aye
|
| J. Hoch |
Absent
|
| M. Valanzola |
Aye
|
| J. O'Reilly |
Aye
|
| C. Stepno |
Aye
|
| N. Collins |
Aye
|
| C. Bouthot |
Aye
|
IV. Executive Session
A.
Roll Call Vote to Enter Executive Session
W. Asher made a motion to Enter into executive session to discuss financial matters of applicants of MassVentures funds as well as compensation matters for MassVentures' staff.
R. Jarquin seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| W. Asher |
Aye
|
| R. Jarquin |
Aye
|
| N. Collins |
Aye
|
| J. Hoch |
Absent
|
| J. Lee |
Aye
|
| M. James |
Aye
|
| J. O'Reilly |
Aye
|
| M. Attia |
Absent
|
| J. Turner |
Aye
|
| M. Valanzola |
Aye
|
| C. Stepno |
Aye
|
| C. Bouthot |
Aye
|
| D. Cox |
Absent
|
B.
Preview - Aclarity
Ms. Swider previewed a potential investment opportunity in Aclarity. Discussion Ensued.
C.
StataDX Presentation and Q&A
The StataDX team presented information about their company and capital raise. Discussion ensued.
D.
StataDX - Discussion for Potential Investment Approval
C. Bouthot made a motion to Approve investment in StataDX as presented.
W. Asher seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| M. James |
Aye
|
| J. Lee |
Aye
|
| M. Valanzola |
Aye
|
| J. Turner |
Aye
|
| C. Stepno |
Aye
|
| W. Asher |
Aye
|
| N. Collins |
Aye
|
| J. O'Reilly |
Aye
|
| D. Cox |
Absent
|
| J. Hoch |
Absent
|
| R. Jarquin |
Aye
|
| C. Bouthot |
Aye
|
| M. Attia |
Absent
|
E.
JetCool - Presentation and Q&A
D. Cox arrived.
The team from Jetcool presented information on their company and potential capital raise. Discussion ensued. Mr. Turner reminded the Board of his conflict of interest and need to abstain from voting. Mr. Valenzola also noted a potential conflict and his need to abstain.
F.
Jetcool - Discussion for Potential Investment Approval
C. Bouthot made a motion to Approve an investment in Jetcool as presented.
J. O'Reilly seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| M. Attia |
Absent
|
| D. Cox |
Aye
|
| N. Collins |
Aye
|
| J. O'Reilly |
Aye
|
| J. Hoch |
Absent
|
| J. Turner |
Abstain
|
| M. Valanzola |
Abstain
|
| C. Bouthot |
Aye
|
| M. James |
Absent
|
| J. Lee |
Aye
|
| R. Jarquin |
Absent
|
| C. Stepno |
Aye
|
| W. Asher |
Aye
|
G.
Preview - A&I Power
Mr. Nijhawan previewed a potential investment in A&I Power. Discussion ensued.
J. O'Reilly left.
C. Bouthot left.
H.
Portfolio Update
Mr. Hipwood and Mr. Madison provided an update on portfolio companies including changes in valuation. Discussion ensued.
I.
Comp Committee Report
The board met it executive session without staff present to discuss the Comp Committee recommendations. The Compensation Committee provided a report to the Board regarding the committee meeting along with their recommendation for changes in staff compensation. Discussion ensued.
J.
Roll Call Vote to Return to Open Session
D. Cox made a motion to Return to executive session.
W. Asher seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| J. Turner |
Aye
|
| D. Cox |
Aye
|
| N. Collins |
Aye
|
| M. Attia |
Absent
|
| J. O'Reilly |
Absent
|
| M. Valanzola |
Aye
|
| C. Bouthot |
Absent
|
| R. Jarquin |
Aye
|
| J. Hoch |
Absent
|
| W. Asher |
Aye
|
| C. Stepno |
Aye
|
| M. James |
Absent
|
| J. Lee |
Aye
|
Mr. Hipwood noted that votes took place during executive session including investment approval in StataDX and investment approval in Jetcool subject to certain terms as outlined in the pre-investment action sheets.
D. Cox made a motion to Accept the recommendations of the Compensation Committee as presented in Executive Session.
C. Stepno seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| J. Hoch |
Absent
|
| J. Turner |
Aye
|
| M. James |
Aye
|
| C. Bouthot |
Absent
|
| C. Stepno |
Aye
|
| R. Jarquin |
Aye
|
| W. Asher |
Aye
|
| N. Collins |
Aye
|
| J. Lee |
Aye
|
| M. Attia |
Absent
|
| J. O'Reilly |
Absent
|
| D. Cox |
Aye
|
| M. Valanzola |
Aye
|
V. Conflicts of Interest
A.
Conflicts of Interest
Mr. Hipwood presented the new opportunities in the MassVentures' pipeline and asked Board members to indicate if they have any conflicts. Mr. Turner noted a conflict with E25 Bio and Mr. Asher noted a conflict with Zippity.
VI. President's Report
A.
General Update
Mr. Hipwood gave a general overview of the current climate at MassVentures including plan to return to the office. He also provided updates on all grant, investment, loan, marketing, and accelerate programs. Discussion ensued.
B.
Marketing/Messaging Update
C.
MV Capital Update
D.
MV Accelerate Update
E.
Other Updates
VII. Closing Items
A.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 11:00 AM.
Respectfully Submitted,
W. Asher