MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Monday October 16, 2023 at 9:00 AM
Location
1075 Main Street, Suite 100
Waltham MA 02451
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Directors Present
A. Basheer (remote), C. Bouthot (remote), D. Schultheis, J. Griffin, J. Hoch, J. O'Reilly, M. James, R. Jarquin, W. Asher, Y. Hao
Directors Absent
M. Valanzola
Directors who arrived after the meeting opened
D. Schultheis
Directors who left before the meeting adjourned
J. O'Reilly
Ex Officio Members Present
S. Stanton
Non Voting Members Present
S. Stanton
Guests Present
C. Hipwood, J. Madison, P. Yadav, S. Swider (remote), V. Nijhawan
I. Opening Items
A.
Call the Meeting to Order
B.
Examples of Mission
C.
Highlights
Mr. Hipwood provided some highlights since the last board meeting. Discussion ensued.
II. Approvals
A.
Board Minutes
Roll Call | |
---|---|
W. Asher |
Aye
|
J. O'Reilly |
Aye
|
D. Schultheis |
Absent
|
M. James |
Aye
|
J. Hoch |
Aye
|
J. Griffin |
Aye
|
C. Bouthot |
Aye
|
A. Basheer |
Aye
|
M. Valanzola |
Absent
|
R. Jarquin |
Aye
|
Y. Hao |
Aye
|
B.
Pre-Investment Action Sheet - Feon
Roll Call | |
---|---|
J. Hoch |
Aye
|
A. Basheer |
Aye
|
M. Valanzola |
Absent
|
D. Schultheis |
Absent
|
J. O'Reilly |
Aye
|
R. Jarquin |
Aye
|
W. Asher |
Aye
|
C. Bouthot |
Aye
|
J. Griffin |
Aye
|
Y. Hao |
Aye
|
M. James |
Aye
|
C.
Pre-Investment Action Sheet - Versatope
Roll Call | |
---|---|
W. Asher |
Aye
|
J. Griffin |
Aye
|
J. O'Reilly |
Aye
|
J. Hoch |
Aye
|
R. Jarquin |
Aye
|
C. Bouthot |
Aye
|
M. Valanzola |
Absent
|
Y. Hao |
Aye
|
M. James |
Aye
|
D. Schultheis |
Absent
|
A. Basheer |
Aye
|
III. Financial Matters
A.
Treasurer's Report
Mr. Madison presented the treasurer's report for months-end July and August 2023. Discussion ensued.
B.
Approve Treasurer's Report
Roll Call | |
---|---|
W. Asher |
Aye
|
J. O'Reilly |
Aye
|
D. Schultheis |
Absent
|
J. Griffin |
Aye
|
J. Hoch |
Aye
|
A. Basheer |
Aye
|
M. Valanzola |
Absent
|
Y. Hao |
Aye
|
C. Bouthot |
Aye
|
R. Jarquin |
Aye
|
M. James |
Aye
|
C.
Audit Committee Presentation
The audit committee presented an overview of the audit committee meeting and the findings from the auditors. Discussion ensued.
D.
Audit Committee Minutes
Roll Call | |
---|---|
W. Asher |
Abstain
|
C. Bouthot |
Aye
|
M. James |
Abstain
|
M. Valanzola |
Absent
|
J. Hoch |
Abstain
|
J. Griffin |
Abstain
|
A. Basheer |
Abstain
|
R. Jarquin |
Abstain
|
D. Schultheis |
Absent
|
J. O'Reilly |
Aye
|
Y. Hao |
Abstain
|
E.
Vote - Audit Committee Recommendation
Roll Call | |
---|---|
R. Jarquin |
Aye
|
J. O'Reilly |
Aye
|
A. Basheer |
Aye
|
J. Griffin |
Aye
|
M. James |
Aye
|
Y. Hao |
Aye
|
W. Asher |
Aye
|
C. Bouthot |
Aye
|
J. Hoch |
Aye
|
M. Valanzola |
Absent
|
D. Schultheis |
Absent
|
IV. Conflicts of Interest
A.
Conflicts
Mr. Hipwood presented a list of companies currently in review and asked for board members to declare any conflicts of interest. No conflicts were noted.
V. Executive Session
A.
Roll Call Vote to Enter Executive Session
Roll Call | |
---|---|
J. O'Reilly |
Aye
|
R. Jarquin |
Aye
|
M. Valanzola |
Absent
|
D. Schultheis |
Absent
|
C. Bouthot |
Aye
|
J. Hoch |
Aye
|
A. Basheer |
Aye
|
Y. Hao |
Aye
|
J. Griffin |
Aye
|
M. James |
Aye
|
W. Asher |
Aye
|
B.
Vote - Amendment to Feon Investment Approval
Roll Call | |
---|---|
C. Bouthot |
Aye
|
J. Hoch |
Aye
|
A. Basheer |
Aye
|
M. Valanzola |
Absent
|
J. O'Reilly |
Aye
|
W. Asher |
Aye
|
R. Jarquin |
Aye
|
M. James |
Aye
|
J. Griffin |
Aye
|
D. Schultheis |
Absent
|
Y. Hao |
Aye
|
C.
Discuss - Aeroshield
Mr. Nijhawan presented an opportunity to lead Aeroshield's follow-on funding round. Discussion ensued.
D.
Vote - Aeroshield
Roll Call | |
---|---|
W. Asher |
Aye
|
Y. Hao |
Aye
|
M. Valanzola |
Absent
|
J. Hoch |
Aye
|
D. Schultheis |
Absent
|
M. James |
Aye
|
J. Griffin |
Aye
|
C. Bouthot |
Aye
|
J. O'Reilly |
Aye
|
R. Jarquin |
Aye
|
A. Basheer |
Aye
|
E.
Presentation - Envision Endoscopy
Envision Endoscopy joined the meeting to present information on their company and their funding round. Discussion ensued.
F.
Vote - Envision Endoscopy
Roll Call | |
---|---|
R. Jarquin |
Aye
|
Y. Hao |
Aye
|
W. Asher |
Aye
|
J. O'Reilly |
Aye
|
D. Schultheis |
Absent
|
J. Griffin |
Aye
|
A. Basheer |
Aye
|
J. Hoch |
Aye
|
C. Bouthot |
Aye
|
M. James |
Aye
|
M. Valanzola |
Absent
|
G.
Presentation - Ernest Pharmaceuticals
Ernest Pharma joined the meeting to present information on the company and funding round. Discussion ensued.
H.
Vote - Ernest Pharmaceuticals
Roll Call | |
---|---|
M. Valanzola |
Absent
|
J. Hoch |
Aye
|
W. Asher |
Aye
|
M. James |
Aye
|
Y. Hao |
Aye
|
R. Jarquin |
Aye
|
J. O'Reilly |
Aye
|
A. Basheer |
Aye
|
C. Bouthot |
Aye
|
D. Schultheis |
Aye
|
J. Griffin |
Aye
|
I.
Preview- Armored Things
Mr. Hipwood provided a preview of a potential follow-on investment in Lambent Spaces (fka Armored Things). Discussion ensued.
J.
Preview - ESki
Ms. Yadav presented information on a possible investment opportunity in ESki. Discussion ensued.
K.
Pipeline Report
L.
Portfolio Update
M.
Roll Call Vote to Return to Open Session
Roll Call | |
---|---|
J. O'Reilly |
Aye
|
J. Griffin |
Aye
|
M. Valanzola |
Absent
|
R. Jarquin |
Aye
|
M. James |
Aye
|
A. Basheer |
Aye
|
W. Asher |
Aye
|
J. Hoch |
Aye
|
D. Schultheis |
Aye
|
C. Bouthot |
Aye
|
Y. Hao |
Aye
|
VI. President's Report
A.
General Update
Mr. Hipwood provided a general update. Discussion ensued.
B.
MV Capital Update
Mr. Hipwood provided an update on the capital programs.
C.
MV Accelerate Update
Mr. Hipwood provided an update on the accelerate programs.
D.
Portfolio Report
Mr. Hipwood provided an update on the portfolio statistics. Discussion ensued.
E.
Board-only Session
MassVentures staff left the meeting and the Board held a board-only discussion.
Mr. Hipwood provided a few examples of meeting the mission.