MassVentures Board Meeting Minutes

November 20, 2023, 8:00-11:00 AM

Minutes Approved

MassVentures

Minutes

MassVentures Board Meeting

Date and Time

Monday November 20, 2023 at 8:00 AM

Location

1075 Main Street, Suite 100

Waltham MA 02451

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Directors Present

A. Basheer (remote), C. Bouthot (remote), J. Griffin (remote), J. Hoch (remote), J. O'Reilly (remote), M. James (remote), R. Jarquin (remote), W. Asher

Directors Absent

D. Schultheis, M. Valanzola, Y. Hao

Guests Present

C. Hipwood, J. Madison, P. Yadav, S. Leis, S. Swider, V. Nijhawan, W. Leslie

I. Opening Items

A. Call the Meeting to Order

R. Jarquin called a meeting of the board of directors of MassVentures to order on Monday Nov 20, 2023 at 8:02 AM.

B. Examples of Mission

Mr. Hipwood provided examples of meeting the mission.

C. Highlights

Mr. Hipwood provided highlights from the prior month.

II. Approvals

A. Board Minutes

J. Griffin made a motion to approve the minutes from MassVentures Board Meeting on 10-16-23.

W. Asher seconded the motion.

The board VOTED to approve the motion.

Roll Call
D. Schultheis	Absent
J. Hoch	Aye
Y. Hao	Absent
J. Griffin	Aye
M. James	Aye
M. Valanzola	Absent
C. Bouthot	Aye
A. Basheer	Aye
R. Jarquin	Aye
J. O'Reilly	Aye
W. Asher	Aye

B. Expedited Investment Committee Minutes

J. O'Reilly made a motion to approve the minutes from Expedited Investment Committee Meeting on 11-02-23.

W. Asher seconded the motion.

The board VOTED to approve the motion.

Roll Call
C. Bouthot	Aye
M. Valanzola	Absent
J. Griffin	Aye
M. James	Aye
R. Jarquin	Aye
W. Asher	Aye
J. Hoch	Aye
D. Schultheis	Absent
Y. Hao	Absent
J. O'Reilly	Aye
A. Basheer	Aye

C. Pre-Investment Action Sheet - Feon

W. Asher made a motion to Approve the pre-investment action sheet for Feon.

J. Griffin seconded the motion.

The board VOTED to approve the motion.

Roll Call
W. Asher	Aye
R. Jarquin	Aye
D. Schultheis	Absent
J. Griffin	Aye
C. Bouthot	Aye
A. Basheer	Aye
J. O'Reilly	Aye
J. Hoch	Aye
Y. Hao	Absent
M. James	Aye
M. Valanzola	Absent

D. Pre-Investment Action Sheet - Aeroshield

W. Asher made a motion to Approve the pre-investment action sheet for Aeroshield.

J. Griffin seconded the motion.

The board VOTED to approve the motion.

Roll Call
M. James	Aye
D. Schultheis	Absent
W. Asher	Aye
J. Hoch	Aye
J. O'Reilly	Aye
R. Jarquin	Aye
J. Griffin	Aye
C. Bouthot	Aye
Y. Hao	Absent
A. Basheer	Aye
M. Valanzola	Absent

E. Pre Investment Action Sheet - Envision

W. Asher made a motion to Approve the pre-investment action sheet for Envision.

J. Griffin seconded the motion.

The board VOTED to approve the motion.

Roll Call
W. Asher	Aye
D. Schultheis	Absent
J. O'Reilly	Aye
J. Hoch	Aye
C. Bouthot	Aye
M. James	Aye
A. Basheer	Aye
Y. Hao	Absent
M. Valanzola	Absent
R. Jarquin	Aye
J. Griffin	Aye

F. Pre Investment Action Sheet - Ernest

W. Asher made a motion to Approve the pre-investment action sheet for Ernest.

J. Griffin seconded the motion.

The board VOTED to approve the motion.

Roll Call
R. Jarquin	Aye
C. Bouthot	Aye
M. James	Aye
Y. Hao	Absent
J. O'Reilly	Aye
J. Hoch	Aye
M. Valanzola	Absent
W. Asher	Aye
A. Basheer	Aye
D. Schultheis	Absent
J. Griffin	Aye

G. Pre Investment Action Sheet - Armored Things

W. Asher made a motion to Approve the pre-investment action sheet for Armored Things.

J. Griffin seconded the motion.

The board VOTED to approve the motion.

Roll Call
J. Hoch	Aye
D. Schultheis	Absent
A. Basheer	Aye
C. Bouthot	Aye
J. Griffin	Aye
W. Asher	Aye
J. O'Reilly	Aye
M. James	Aye
Y. Hao	Absent
R. Jarquin	Aye
M. Valanzola	Absent

W. Asher made a motion to Approve creation of Comm Fund V as a potential co-investment vehicle.

J. Griffin seconded the motion.

The board VOTED to approve the motion.

Roll Call
M. James	Aye
Y. Hao	Absent
C. Bouthot	Aye
J. Hoch	Aye
A. Basheer	Aye
J. Griffin	Aye
R. Jarquin	Aye
W. Asher	Aye
M. Valanzola	Absent
D. Schultheis	Absent
J. O'Reilly	Aye

III. Financial Matters

A. Treasurer's Report

Mr. Madison presented the Treasurer's report for September 2023. Discussion ensued.

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
M. James	Aye
R. Jarquin	Aye
J. O'Reilly	Aye
D. Schultheis	Absent
Y. Hao	Absent
J. Hoch	Aye
C. Bouthot	Aye
J. Griffin	Aye
W. Asher	Aye
A. Basheer	Aye
M. Valanzola	Absent

IV. Conflicts of Interest

A. Conflicts

Mr. Hipwood presented a list of new companies under consideration for investment and asked that any Conflicts of Interest be declared. None were noted.

V. Executive Session

A. Roll Call Vote to Enter Executive Session

R. Jarquin made a motion to Enter into executive session to discuss confidential information related to applicants of MassVentures funds.

W. Asher seconded the motion.

The board VOTED to approve the motion.

Roll Call
W. Asher	Aye
R. Jarquin	Aye
C. Bouthot	Aye
A. Basheer	Aye
M. James	Aye
Y. Hao	Absent
J. O'Reilly	Aye
M. Valanzola	Absent
J. Hoch	Aye
D. Schultheis	Absent
J. Griffin	Aye

B. Approve Acorn Winners

W. Asher made a motion to Approve the list of Acorn grant winners as presented.

J. Hoch seconded the motion.

The board VOTED to approve the motion.

Roll Call
C. Bouthot	Aye
M. James	Aye
J. Hoch	Aye
J. Griffin	Aye
J. O'Reilly	Aye
M. Valanzola	Absent
A. Basheer	Aye
Y. Hao	Absent
R. Jarquin	Aye
D. Schultheis	Absent
W. Asher	Aye

C. Preview- Anchoring AI

Ms. Swider presented an overview of Anchoring AI. Discussion ensued.

D. Preview - QUNett

Ms. Swider presented an overview of QUNett. Discussion ensued.

E. Pipeline Report

F. Portfolio Update

Mr. Hipwood provided a brief update on portfolio.

G. Roll Call Vote to Return to Open Session

R. Jarquin made a motion to Return to open meeting.

W. Asher seconded the motion.

The board VOTED to approve the motion.

Roll Call
W. Asher	Aye
M. James	Aye
J. O'Reilly	Aye
J. Hoch	Aye
J. Griffin	Aye
Y. Hao	Absent
C. Bouthot	Aye
M. Valanzola	Absent
A. Basheer	Aye
R. Jarquin	Aye
D. Schultheis	Absent

VI. President's Report

A. General Update

Mr. Hipwood provided a general update of the business. Discussion ensued.

B. MV Capital Update

C. MV Accelerate Update

D. SBIR Support Overview

Ms. Swider provided an update on SBIR Support. Discussion ensued.

E. Founder School Overview

Ms. Leis provided an overview of Founder School. Discussion ensued.

F. Board-only Session

MassVentures staff left the meeting. Mr. Hipwood remained and had a discussion with the board around strategic topics.

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 9:35 AM.

Respectfully Submitted,

W. Asher