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MassVentures

Minutes

MassVentures Board Meeting

Date and Time

Thursday June 23, 2022 at 8:00 AM

Location

308 Congress Street (if in person)
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Directors Present

C. Bouthot (remote), D. Schultheis (remote), J. Griffin (remote), J. Hoch (remote), J. O'Reilly (remote), M. James (remote), O. Hazoury (remote), R. Jarquin (remote), S. Asker (remote), W. Asher (remote)

Directors Absent

M. Attia, M. Valanzola

Directors who left before the meeting adjourned

C. Bouthot, M. James, O. Hazoury

Guests Present

C. Hipwood (remote), J. Madison (remote), M. Wilcox (remote), P. Yadav (remote), S. Leis (remote), S. Swider (remote), V. Nijhawan (remote)

I. Opening Items

A.

Call the Meeting to Order

S. Asker called a meeting of the board of directors of MassVentures to order on Thursday Jun 23, 2022 at 8:04 AM.

B.

Examples of Mission

II. Approvals

A.

Board Minutes

W. Asher made a motion to approve the minutes from May 19, 2022 MassVentures Board Meeting on 05-19-22.
R. Jarquin seconded the motion.
The board VOTED to approve the motion.
Roll Call
M. Valanzola
Absent
S. Asker
Aye
M. James
Aye
D. Schultheis
Aye
O. Hazoury
Abstain
R. Jarquin
Aye
W. Asher
Aye
J. Hoch
Aye
M. Attia
Absent
C. Bouthot
Aye
J. Griffin
Aye
J. O'Reilly
Aye

B.

Pre-investment action sheet - Leuko

R. Jarquin made a motion to Approve the Leuko Pre-Investment Action Sheet.
J. Griffin seconded the motion.
The board VOTED to approve the motion.
Roll Call
M. Attia
Absent
M. James
Aye
D. Schultheis
Aye
C. Bouthot
Aye
S. Asker
Aye
J. Griffin
Aye
O. Hazoury
Abstain
J. Hoch
Aye
W. Asher
Aye
R. Jarquin
Aye
J. O'Reilly
Aye
M. Valanzola
Absent

III. Financial Matters

A.

Treasurer's Report

Mr. Madison presented the Treasurer's Report for month end April 2022.  

B.

Approve Treasurer's Report

S. Asker made a motion to Approve the Treasurer's Report as presented.
C. Bouthot seconded the motion.
The board VOTED to approve the motion.
Roll Call
D. Schultheis
Aye
O. Hazoury
Abstain
C. Bouthot
Aye
M. Attia
Absent
J. Hoch
Aye
J. O'Reilly
Aye
S. Asker
Aye
R. Jarquin
Aye
M. James
Aye
J. Griffin
Aye
M. Valanzola
Absent
W. Asher
Aye

C.

FY 2023 Budget Presentation

Mr. Madison and Mr. Hipwood presented the Fiscal Year 2023 budget.  Discussion ensued.  

D.

FY 2023 Approval

R. Jarquin made a motion to Approve the Fiscal Year 2023 budget as presented.
J. O'Reilly seconded the motion.
The board VOTED to approve the motion.
Roll Call
M. Attia
Absent
J. Hoch
Aye
C. Bouthot
Aye
S. Asker
Aye
M. Valanzola
Absent
O. Hazoury
Abstain
R. Jarquin
Aye
J. O'Reilly
Aye
M. James
Aye
J. Griffin
Aye
D. Schultheis
Aye
W. Asher
Aye

IV. Executive Session

A.

Roll Call Vote to Enter Executive Session

W. Asher made a motion to Enter into executive session to discuss confidential financial matters related to applicants of MassVentures' funds.
R. Jarquin seconded the motion.
The board VOTED to approve the motion.
Roll Call
M. Attia
Absent
C. Bouthot
Aye
M. James
Aye
J. Hoch
Aye
S. Asker
Aye
J. O'Reilly
Aye
D. Schultheis
Aye
W. Asher
Aye
M. Valanzola
Absent
J. Griffin
Aye
O. Hazoury
Aye
R. Jarquin
Aye

B.

Presentation - Cyvl.ai

The founder of Cyvl.ai gave a presentation on his company and his fund raise.  Discussion ensued.  

C. Tonucci arrived.

C.

Vote - Cyvl.ai

J. Griffin made a motion to Approve investment in Cyvl.ai subject to the terms of the pre-investment action sheet.
J. Hoch seconded the motion.
The board VOTED to approve the motion.
Roll Call
M. Attia
Absent
R. Jarquin
Aye
M. Valanzola
Absent
S. Asker
Aye
J. Griffin
Aye
M. James
Aye
D. Schultheis
Aye
J. O'Reilly
Abstain
C. Bouthot
Aye
J. Hoch
Aye
O. Hazoury
Aye
W. Asher
Aye
C. Bouthot left.
O. Hazoury left.
M. James left.

C. Tonucci left.

D.

Preview - Ingel

Mr. Nijhawan gave a preview of an opportunity to invest in InGel Therapeutics.  Discussion ensued.  

E.

Preview - 1854 Cycling

Ms. Yadav gave a preview of an opportunity to invest in 1854 Cycling.  Discussion ensued.  

F.

Preview - Organicin

Ms. Swider gave a preview of an opportunity to invest in Organicin.  Discussion ensued.  

G.

Pipeline Report

Mr. Hipwood provided an overview of the opportunity pipeline.  

H.

Portfolio Update

MassVentures staff provided updates on select portfolio companies.  

I.

Roll Call Vote to Return to Open Session

W. Asher made a motion to Return to Open Session.
R. Jarquin seconded the motion.
The board VOTED to approve the motion.
Roll Call
R. Jarquin
Aye
J. Griffin
Aye
J. Hoch
Aye
J. O'Reilly
Aye
C. Bouthot
Absent
M. Attia
Absent
D. Schultheis
Aye
M. James
Absent
W. Asher
Aye
S. Asker
Aye
O. Hazoury
Absent
M. Valanzola
Absent

Mr. Hipwood noted that one vote took place during executive session related to investment in Cyvl.ai.

V. Conflicts of Interest

A.

Conflicts

Mr. Hipwood presented a chart of new investment opportunities and asked the board to declare any possible conflicts on interest.  Ms. O'Reilly noted a conflict with Cyvl.ai and that she had abstained from voting on investment in Cyvl.ai during executive session.

VI. President's Report

A.

General Update

Mr. Hipwood provided general updates on the business. 

Ms. Wilcox provided an update on marketing initiatives.  

B.

MV Accelerate Update

MassVentures staff provided updates on MV Accelerate programs.  Ms.  Leis provided an update on the MassCEC diversity project.  

C.

MV Capital Update

MassVentures staff provided updates on MV Capital programs.

D.

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 10:15 AM.

Respectfully Submitted,
W. Asher