MassVentures

Minutes

MassVentures Board Meeting

Date and Time

Monday February 13, 2023 at 8:00 AM

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Directors Present

A. Basheer (remote), C. Bouthot (remote), C. Tonucci (remote), D. Schultheis (remote), H. Fruscio Altsman, J. Griffin (remote), J. Hoch (remote), J. O'Reilly (remote), M. Valanzola (remote), O. Hazoury (remote), R. Jarquin (remote), W. Asher

Directors Absent

M. James

Directors who left before the meeting adjourned

C. Bouthot, C. Tonucci, O. Hazoury

Guests Present

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

I. Opening Items

A.

Call the Meeting to Order

H. Fruscio Altsman called a meeting of the board of directors of MassVentures to order on Monday Feb 13, 2023 at 8:03 AM.

Secretary Hao joined the meeting to discuss her early thoughts on the economic development council, the economic roadshow, and the role that MassVentures can play in economic development,  Discussion ensued.

B.

Examples of Mission

Mr. Hipwood presented some examples of MassVentures' staff working within the innovation economy to expand the mission.

C.

Highlights

Mr. Hipwood highlighted some achievements since the previous meeting.

C. Bouthot left.

II. Approvals

A.

Board Minutes

W. Asher made a motion to approve the minutes from MassVentures Board Meeting on 01-09-23.
H. Fruscio Altsman seconded the motion.
The board VOTED to approve the motion.
Roll Call
J. Hoch
Aye
W. Asher
Aye
J. O'Reilly
Aye
C. Bouthot
Absent
C. Tonucci
Abstain
M. James
Absent
J. Griffin
Aye
A. Basheer
Aye
O. Hazoury
Abstain
H. Fruscio Altsman
Aye
D. Schultheis
Aye
M. Valanzola
Aye
R. Jarquin
Aye

B.

Pre-Investment Action Sheet: Black-I Robotics

W. Asher made a motion to Approve the pre-investment action sheet for Black-I Robotics.
H. Fruscio Altsman seconded the motion.
The board VOTED to approve the motion.
Roll Call
W. Asher
Aye
C. Bouthot
Absent
R. Jarquin
Aye
D. Schultheis
Aye
A. Basheer
Aye
J. O'Reilly
Aye
J. Griffin
Aye
C. Tonucci
Abstain
O. Hazoury
Abstain
M. Valanzola
Aye
M. James
Absent
J. Hoch
Aye
H. Fruscio Altsman
Aye

C.

Pre-Investment Action Sheet: BrilliantStrings

W. Asher made a motion to Approve the pre-investment action sheet for Brilliant Strings.
H. Fruscio Altsman seconded the motion.
The board VOTED to approve the motion.
Roll Call
R. Jarquin
Aye
C. Bouthot
Absent
J. Hoch
Aye
W. Asher
Aye
J. Griffin
Aye
J. O'Reilly
Aye
M. James
Absent
A. Basheer
Aye
C. Tonucci
Abstain
M. Valanzola
Aye
D. Schultheis
Aye
O. Hazoury
Abstain
H. Fruscio Altsman
Aye

III. Financial Matters

A.

Treasurer's Report

Mr. Madison presented the treasurer's report for month-end December 2022.  

B.

Approve Treasurer's Report

R. Jarquin 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
J. O'Reilly
Aye
D. Schultheis
Aye
C. Tonucci
Abstain
H. Fruscio Altsman
Aye
J. Hoch
Aye
R. Jarquin
Aye
C. Bouthot
Absent
O. Hazoury
Abstain
M. James
Absent
J. Griffin
Aye
M. Valanzola
Aye
A. Basheer
Aye
W. Asher
Aye

IV. Conflicts of Interest

A.

Conflicts

Mr. Hipwood presented a list of new companies under consideration for MassVentures funding and asked the board members to declare any conflicts of interest.  None were declared.

V. 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. James
Absent
D. Schultheis
Aye
C. Tonucci
Aye
H. Fruscio Altsman
Aye
R. Jarquin
Aye
J. Hoch
Aye
M. Valanzola
Aye
J. Griffin
Aye
O. Hazoury
Aye
A. Basheer
Aye
C. Bouthot
Absent
W. Asher
Aye
J. O'Reilly
Aye

B.

Presentation - florrent

The team from florrent presented their business plan and request for funding.  Discussion ensued.  

C.

Vote - florrent

R. Jarquin made a motion to Approve investment in florrent subject to the terms that will be outlined in the pre-investment action sheet.
W. Asher seconded the motion.
The board VOTED to approve the motion.
Roll Call
M. Valanzola
Aye
H. Fruscio Altsman
Aye
R. Jarquin
Aye
D. Schultheis
Aye
M. James
Absent
O. Hazoury
Aye
A. Basheer
Aye
J. O'Reilly
Aye
J. Hoch
Aye
C. Bouthot
Absent
C. Tonucci
Aye
W. Asher
Aye
J. Griffin
Aye

D.

Presentation - Eden Geo

The team from Eden Geo presented their business plan and request for funding.  Discussion ensued.  

E.

Vote - Eden Geo

M. Valanzola made a motion to Approve investment in Eden Geo subject to the terms outlined in the pre-investment action sheet.
R. Jarquin seconded the motion.
The board VOTED to approve the motion.
Roll Call
R. Jarquin
Aye
J. O'Reilly
Aye
C. Bouthot
Absent
J. Hoch
Abstain
O. Hazoury
Aye
H. Fruscio Altsman
Abstain
D. Schultheis
Aye
M. Valanzola
Aye
J. Griffin
Aye
W. Asher
Aye
M. James
Absent
C. Tonucci
Aye
A. Basheer
Abstain

F.

Presentation - Atlantic Quantum

O. Hazoury left.
C. Tonucci left.

The team from Atlantic Quantum presented their business plan and request for funding.  Discussion ensued.  

G.

Vote - Atlantic Quantum

J. Griffin made a motion to Approve investment in Atlantic Quantum subject to the terms of the pre-investment action sheet.
J. Hoch seconded the motion.
The board VOTED to approve the motion.
Roll Call
J. Hoch
Aye
O. Hazoury
Absent
C. Tonucci
Absent
J. O'Reilly
Aye
D. Schultheis
Aye
J. Griffin
Aye
M. Valanzola
Abstain
R. Jarquin
Aye
A. Basheer
Aye
H. Fruscio Altsman
Aye
W. Asher
Aye
C. Bouthot
Absent
M. James
Absent

H.

Preview - Phuc Labs

Ms. Swider presented an preview of a company that will be going through deep due diligence.  Discussion ensued.

I.

Preview - Irradiant

Mr. Nijhawan presented an preview of a company that will be going through deep due diligence.  Discussion ensued.

J.

Pipeline Report

K.

Portfolio Update

Mr. Hipwood presented an overview of semi-annual valuation updates.  Discussion ensued.  

L.

Roll Call Vote to Return to Open Session

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

Mr. Hipwood announced that there were 3 votes conducted during executive session.

VI. President's Report

A.

General Update

Mr. Hipwood provided a brief update on the overall activities of MassVentures.  Discussion ensued.  

B.

MV Capital Update

C.

MV Accelerate Update

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 10:50 AM.

Respectfully Submitted,
W. Asher