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

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

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