MassVentures Board Meeting Minutes

January 8, 2024, 8:00-11:00 AM

Minutes Approved

MassVentures

Minutes

MassVentures Board Meeting

Date and Time

Monday January 8, 2024 at 8:00 AM

Location

1075 Main Street, Suite 100

Waltham, MA 02151

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Directors Present

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

Directors Absent

None

Guests Present

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

I. Opening Items

A. Call the Meeting to Order

Y. Hao called a meeting of the board of directors of MassVentures to order on Monday Jan 8, 2024 at 8:03 AM.

B. Examples of Mission

C. Highlights

Mr. Hipwood presented a few highlights since the last board meeting.

II. Approvals

A. Board Minutes

R. Jarquin made a motion to approve the minutes from MassVentures Board Meeting on 12-18-23.

M. Valanzola seconded the motion.

The board VOTED to approve the motion.

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

B. StataDX Pre-Investment Action Sheet

R. Jarquin made a motion to Approve the StataDX Pre-Investment Action Sheet.

M. Valanzola seconded the motion.

The board VOTED to approve the motion.

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

C. InGel Pre-Investment Action Sheet

R. Jarquin made a motion to Approve the InGel Pre-Investment Action Sheet.

M. Valanzola seconded the motion.

The board VOTED to approve the motion.

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

III. Financial Matters

A. Treasurer's Report

Mr. Madison presented the Treasurer's report for month-end November 2023. Discussion ensued.

B. Approve Treasurer's Report

J. O'Reilly made a motion to Approve the Treasurer's report.

C. Bouthot seconded the motion.

The board VOTED to approve the motion.

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

IV. Conflicts of Interest

A. Conflicts

Mr. Hipwood presented a list of opportunities under consideration for investment and asked the board members to declare any conflicts of interest. None were noted.

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 for MassVentures' funds.

R. Jarquin seconded the motion.

The board VOTED to approve the motion.

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

B. Discuss - Cyvl

Ms. Yadav presented information related to a potential follow-on investment in Cyvl. Discussion ensued.

C. Vote - Cyvl

J. Griffin made a motion to Approve an investment in Cyvl per the terms that will be outlined in the pre-investment action sheet.

Y. Hao seconded the motion.

Kevin Barry from MassDevelopment also supported investment from Commonwealth Fund IV.

The board VOTED to approve the motion.

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

D. Discussion - Kytopen

Mr. Nijhawan presented information on a potential follow-on investment in Kytopen. Discussion ensued.

E. Vote - Kytopen

Y. Hao made a motion to Approve an investment in Kytopen per the terms that will be outlined in the pre-investment action sheet.

R. Jarquin seconded the motion.

The board VOTED to approve the motion.

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

F. Pipeline Report

G. Portfolio Update

H. Roll Call Vote to Return to Open Session

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

W. Asher seconded the motion.

Upon returning to open session, Mr. Hipwood announced that two votes took place approving investments that will be outlined in the pre-investment action sheets.

The board VOTED to approve the motion.

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

VI. President's Report

A. General Update

B. MV Capital Update

C. MV Accelerate Update

D. Strategy Discussion

Mr. Hipwood provided an overview of the economic development plan and the high level 3 year strategy for supporting that plan. Discussion ensued.

E. Board-only Session

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 10:10 AM.

Respectfully Submitted,

W. Asher