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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
J. Hoch
Aye
M. James
Aye
M. Attia
Absent
J. Griffin
Aye
J. O'Reilly
Aye
C. Bouthot
Aye
R. Jarquin
Aye
W. Asher
Aye
S. Asker
Aye
M. Valanzola
Absent
D. Schultheis
Aye
O. Hazoury
Abstain

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
S. Asker
Aye
J. Hoch
Aye
M. Valanzola
Absent
O. Hazoury
Abstain
W. Asher
Aye
J. Griffin
Aye
M. James
Aye
M. Attia
Absent
R. Jarquin
Aye
J. O'Reilly
Aye
C. Bouthot
Aye
D. Schultheis
Aye

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
J. O'Reilly
Aye
J. Hoch
Aye
J. Griffin
Aye
O. Hazoury
Abstain
W. Asher
Aye
R. Jarquin
Aye
S. Asker
Aye
C. Bouthot
Aye
M. James
Aye
D. Schultheis
Aye
M. Attia
Absent
M. Valanzola
Absent

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
C. Bouthot
Aye
O. Hazoury
Abstain
W. Asher
Aye
R. Jarquin
Aye
J. O'Reilly
Aye
M. James
Aye
D. Schultheis
Aye
M. Valanzola
Absent
S. Asker
Aye
J. Hoch
Aye
M. Attia
Absent
J. Griffin
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. Valanzola
Absent
J. Griffin
Aye
S. Asker
Aye
M. Attia
Absent
J. Hoch
Aye
M. James
Aye
O. Hazoury
Aye
W. Asher
Aye
D. Schultheis
Aye
R. Jarquin
Aye
C. Bouthot
Aye
J. O'Reilly
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
S. Asker
Aye
W. Asher
Aye
J. O'Reilly
Abstain
O. Hazoury
Aye
M. Valanzola
Absent
J. Griffin
Aye
R. Jarquin
Aye
C. Bouthot
Aye
D. Schultheis
Aye
J. Hoch
Aye
M. James
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
D. Schultheis
Aye
M. Valanzola
Absent
J. O'Reilly
Aye
J. Hoch
Aye
S. Asker
Aye
R. Jarquin
Aye
C. Bouthot
Absent
J. Griffin
Aye
M. Attia
Absent
W. Asher
Aye
M. James
Absent
O. Hazoury
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