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MassVentures

Minutes

MassVentures Board Meeting

Date and Time

Thursday July 28, 2022 at 8:00 AM

Location

308 Congress Street (if in person)
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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

W. Asher called a meeting of the board of directors of MassVentures to order on Thursday Jul 28, 2022 at 8:03 AM.

B.

Examples of Mission

II. Approvals

A.

Board Minutes

J. O'Reilly made a motion to approve the minutes from June 23, 2022 MassVentures Board Meeting on 06-23-22.
W. Asher seconded the motion.
The board VOTED to approve the motion.
Roll Call
C. Bouthot
Aye
M. Valanzola
Aye
J. Hoch
Aye
O. Hazoury
Abstain
W. Asher
Aye
C. Tonucci
Abstain
R. Jarquin
Absent
J. Griffin
Aye
D. Schultheis
Absent
M. James
Absent
M. Attia
Absent
S. Asker
Absent
J. O'Reilly
Aye

B.

Pre-investment action sheet - Cyvl.ai

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

III. Financial Matters

A.

Treasurer's Report

D. Schultheis arrived at 8:09 AM.
R. Jarquin arrived at 8:09 AM.
M. James arrived at 8:09 AM.

Mr. Madison presented the financial report for month-end May 2022.  Discussion ensued.

B.

Approve Treasurer's Report

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

C. Bouthot made a motion to Approve investment in Talking Heads Wireless per the terms of the pre-investment action sheet.
W. Asher seconded the motion.
The board VOTED to approve the motion.
Roll Call
J. Griffin
Aye
C. Bouthot
Aye
S. Asker
Absent
R. Jarquin
Aye
J. O'Reilly
Aye
O. Hazoury
Aye
D. Schultheis
Aye
C. Tonucci
Aye
M. Valanzola
Aye
J. Hoch
Aye
W. Asher
Aye
M. James
Aye
M. Attia
Absent
S. Asker arrived at 9:20 AM.

D.

Vote: Harmony Baby - amendment to approved deal terms

R. Jarquin made a motion to Approve investment in Harmony per the terms of the amended pre-investment action sheet.
M. Valanzola seconded the motion.

Prior to the vote, Ms. Yadav presented an update to the Harmony Baby term sheet along with new terms.  Discussion ensued.  

The board VOTED to approve the motion.
Roll Call
J. Griffin
Aye
C. Tonucci
Aye
C. Bouthot
Aye
M. Attia
Absent
J. O'Reilly
Aye
S. Asker
Abstain
M. Valanzola
Aye
W. Asher
Aye
D. Schultheis
Aye
O. Hazoury
Aye
J. Hoch
Aye
M. James
Aye
R. Jarquin
Aye
O. Hazoury left.
C. Tonucci left.

Dan Rivera left..

E.

JetCool Follow-On

R. Jarquin made a motion to Approve follow-on investment in JetCool per the terms of the pre-investment action sheet.
W. Asher seconded the motion.

Prior to the vote, Ms. Swider presented an update on JetCool and the new investment round.  Discussion ensued.

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

F.

Preview - RBI Medical

Ms. Swider presented a preview of a company under consideration for due diligence.  Discussion ensued. 

C. Bouthot left at 10:00 AM.

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

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

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.  

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 10:25 AM.

Respectfully Submitted,
W. Asher