MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Thursday July 28, 2022 at 8:00 AM
Location
Directors Present
C. Bouthot (remote), C. Tonucci (remote), D. Schultheis (remote), J. Griffin (remote), J. Hoch (remote), J. O'Reilly (remote), M. James (remote), M. Valanzola (remote), O. Hazoury (remote), R. Jarquin (remote), S. Asker, W. Asher (remote)
Directors Absent
M. Attia
Directors who arrived after the meeting opened
D. Schultheis, M. James, R. Jarquin, S. Asker
Directors who left before the meeting adjourned
C. Bouthot, C. Tonucci, 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
B.
Examples of Mission
II. Approvals
A.
Board Minutes
Roll Call | |
---|---|
S. Asker |
Absent
|
W. Asher |
Aye
|
D. Schultheis |
Absent
|
C. Bouthot |
Aye
|
R. Jarquin |
Absent
|
J. O'Reilly |
Aye
|
M. Valanzola |
Aye
|
M. Attia |
Absent
|
M. James |
Absent
|
J. Griffin |
Aye
|
J. Hoch |
Aye
|
O. Hazoury |
Abstain
|
C. Tonucci |
Abstain
|
B.
Pre-investment action sheet - Cyvl.ai
Roll Call | |
---|---|
W. Asher |
Aye
|
O. Hazoury |
Aye
|
M. James |
Absent
|
J. Hoch |
Aye
|
D. Schultheis |
Absent
|
J. Griffin |
Aye
|
J. O'Reilly |
Aye
|
C. Bouthot |
Aye
|
S. Asker |
Absent
|
C. Tonucci |
Aye
|
R. Jarquin |
Absent
|
M. Valanzola |
Aye
|
M. Attia |
Absent
|
III. Financial Matters
A.
Treasurer's Report
B.
Approve Treasurer's Report
Roll Call | |
---|---|
M. Attia |
Absent
|
J. Hoch |
Aye
|
W. Asher |
Aye
|
M. Valanzola |
Aye
|
R. Jarquin |
Aye
|
D. Schultheis |
Aye
|
C. Tonucci |
Aye
|
M. James |
Aye
|
S. Asker |
Absent
|
O. Hazoury |
Aye
|
C. Bouthot |
Aye
|
J. O'Reilly |
Aye
|
J. Griffin |
Aye
|
IV. Executive Session
A.
Roll Call Vote to Enter Executive Session
Roll Call | |
---|---|
J. O'Reilly |
Aye
|
J. Griffin |
Aye
|
C. Tonucci |
Aye
|
M. Valanzola |
Aye
|
M. Attia |
Absent
|
J. Hoch |
Aye
|
O. Hazoury |
Aye
|
R. Jarquin |
Aye
|
C. Bouthot |
Aye
|
W. Asher |
Aye
|
M. James |
Aye
|
S. Asker |
Absent
|
D. Schultheis |
Aye
|
Dan Rivera, President of MassDevelopment joined the meeting
B.
Presentation - Talking Heads Wireless
The founder and CEO of Talking Heads Wireless, Joel Dawson, joined the meeting to discuss his company and the opportunity for investment. Discussion ensued.
C.
Vote - Talking Heads Wireless
Roll Call | |
---|---|
D. Schultheis |
Aye
|
W. Asher |
Aye
|
J. O'Reilly |
Aye
|
R. Jarquin |
Aye
|
J. Hoch |
Aye
|
J. Griffin |
Aye
|
O. Hazoury |
Aye
|
M. Attia |
Absent
|
S. Asker |
Absent
|
M. James |
Aye
|
M. Valanzola |
Aye
|
C. Bouthot |
Aye
|
C. Tonucci |
Aye
|
D.
Vote: Harmony Baby - amendment to approved deal terms
Prior to the vote, Ms. Yadav presented an update to the Harmony Baby term sheet along with new terms. Discussion ensued.
Roll Call | |
---|---|
M. Attia |
Absent
|
O. Hazoury |
Aye
|
J. O'Reilly |
Aye
|
M. James |
Aye
|
C. Tonucci |
Aye
|
W. Asher |
Aye
|
C. Bouthot |
Aye
|
S. Asker |
Abstain
|
J. Hoch |
Aye
|
R. Jarquin |
Aye
|
M. Valanzola |
Aye
|
J. Griffin |
Aye
|
D. Schultheis |
Aye
|
Dan Rivera left..
E.
JetCool Follow-On
Prior to the vote, Ms. Swider presented an update on JetCool and the new investment round. Discussion ensued.
Roll Call | |
---|---|
D. Schultheis |
Aye
|
J. Griffin |
Aye
|
M. Valanzola |
Abstain
|
O. Hazoury |
Aye
|
C. Tonucci |
Aye
|
M. Attia |
Absent
|
S. Asker |
Aye
|
J. O'Reilly |
Aye
|
J. Hoch |
Aye
|
R. Jarquin |
Aye
|
C. Bouthot |
Aye
|
M. James |
Aye
|
W. Asher |
Aye
|
F.
Preview - RBI Medical
Ms. Swider presented a preview of a company under consideration for due diligence. Discussion ensued.
G.
Pipeline Report
Mr. Hipwood noted that the current pipeline can be found in the board package.
H.
Portfolio Update
MassVentures' staff provided updates regarding portfolio companies. Discussion ensued.
I.
Roll Call Vote to Return to Open Session
Roll Call | |
---|---|
W. Asher |
Aye
|
O. Hazoury |
Absent
|
C. Tonucci |
Absent
|
C. Bouthot |
Absent
|
S. Asker |
Aye
|
J. Hoch |
Aye
|
J. O'Reilly |
Aye
|
J. Griffin |
Aye
|
M. James |
Aye
|
D. Schultheis |
Aye
|
M. Valanzola |
Aye
|
R. Jarquin |
Aye
|
M. Attia |
Absent
|
V. Conflicts of Interest
A.
Conflicts
Mr. Hipwood presented the new companies under consideration for MassVentures' investment and asked board members to state any conflicts of interest. None were noted.
VI. President's Report
A.
General Update
Mr. Hipwood provided a general update of the business. Discussion ensued.
B.
MV Capital Update
Mr. Hipwood presented an update on the capital programs.
C.
MV Accelerate Update
MassVentures' staff provided updates on MV Accelerate programs including discussion of the MALSI+ conference.
Mr. Madison presented the financial report for month-end May 2022. Discussion ensued.