MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Monday May 6, 2024 at 8:00 AM
Location
1075 Main Street, Suite 100
Waltham, MA 02151
Join Zoom Meeting
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Meeting ID: 861 3411 7379
Passcode: 661193
Phone #: +1 305 224 1968
One tap mobile
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Join Zoom Meeting
https://us02web.zoom.us/j/86134117379?pwd=VW1aVitNWHVQNzlJaW94ZXVyRThXUT09
Meeting ID: 861 3411 7379
Passcode: 661193
Phone #: +1 305 224 1968
One tap mobile
+13052241968,,86134117379#,,,,*661193#
Directors Present
A. Basheer (remote), B. Linville-Engler, C. Bouthot (remote), D. Schultheis (remote), J. Griffin (remote), J. O'Reilly (remote), M. James (remote), R. Jarquin, W. Asher (remote), Y. Hao
Directors Absent
M. Valanzola
Directors who left before the meeting adjourned
C. Bouthot
Ex Officio Members Present
S. Stanton
Non Voting Members Present
S. Stanton
Guests Present
C. Hipwood, J. Madison, P. Yadav, S. Leis, S. Swider, W. Leslie
I. Opening Items
A.
Call the Meeting to Order
B.
Examples of Mission
Mr. Hipwood provided examples of mission since the last meeting.
C.
Highlights
Mr. Hipwood provided some highlights since the previous meeting.
II. Approvals
A.
Board Minutes
| Roll Call | |
|---|---|
| B. Linville-Engler |
Aye
|
| C. Bouthot |
Aye
|
| W. Asher |
Aye
|
| A. Basheer |
Aye
|
| R. Jarquin |
Aye
|
| J. Griffin |
Aye
|
| M. Valanzola |
Absent
|
| D. Schultheis |
Aye
|
| J. O'Reilly |
Aye
|
| M. James |
Aye
|
| Y. Hao |
Aye
|
III. Financial Matters
A.
Treasurer's Report
Mr. Madison presented the Treasurer's report through month end March 2024. Discussion ensued.
B.
Approve Treasurer's Report
| Roll Call | |
|---|---|
| W. Asher |
Aye
|
| J. O'Reilly |
Aye
|
| B. Linville-Engler |
Aye
|
| J. Griffin |
Aye
|
| A. Basheer |
Aye
|
| C. Bouthot |
Aye
|
| M. Valanzola |
Absent
|
| Y. Hao |
Aye
|
| M. James |
Aye
|
| R. Jarquin |
Aye
|
| D. Schultheis |
Aye
|
C.
START Report
Ms. Leslie and Mr. Hipwood provided an overview of the START program and an update to the 2024 winners. Discussion ensued. Mr. Linville-Engler noted that he worked at one of the winning companies approximately 5 years ago but had no financial interest in the company. It was determined that there was no conflict of interest.
D.
Approve START Winners
| Roll Call | |
|---|---|
| M. Valanzola |
Absent
|
| D. Schultheis |
Aye
|
| A. Basheer |
Aye
|
| B. Linville-Engler |
Aye
|
| M. James |
Aye
|
| J. Griffin |
Aye
|
| W. Asher |
Aye
|
| R. Jarquin |
Aye
|
| C. Bouthot |
Aye
|
| J. O'Reilly |
Aye
|
| Y. Hao |
Aye
|
IV. Conflicts of Interest
A.
Conflicts
Mr. Hipwood presented a list of companies currently under consideration for investment and asked the Board and staff to declare any conflicts of interest. None were noted.
V. Executive Session
A.
Roll Call Vote to Enter Executive Session
| Roll Call | |
|---|---|
| M. James |
Aye
|
| J. Griffin |
Aye
|
| D. Schultheis |
Aye
|
| W. Asher |
Aye
|
| Y. Hao |
Aye
|
| R. Jarquin |
Aye
|
| B. Linville-Engler |
Aye
|
| C. Bouthot |
Aye
|
| A. Basheer |
Aye
|
| J. O'Reilly |
Aye
|
| M. Valanzola |
Absent
|
B.
InGel Amendment Discussion
Mr. Nijhawah presented an update to an investment previously approved for InGel Therapeutics. Discussion ensued.
C.
InGel Amendment
| Roll Call | |
|---|---|
| W. Asher |
Aye
|
| J. O'Reilly |
Aye
|
| C. Bouthot |
Aye
|
| B. Linville-Engler |
Aye
|
| D. Schultheis |
Aye
|
| M. James |
Aye
|
| A. Basheer |
Aye
|
| R. Jarquin |
Aye
|
| M. Valanzola |
Absent
|
| Y. Hao |
Aye
|
| J. Griffin |
Aye
|
D.
Concerto Investment Discussion
Mr. Nijhawan presented an opportunity to invest in Concerto Biosciences. Discussion ensued.
E.
Concerto Investment Vote
| Roll Call | |
|---|---|
| C. Bouthot |
Aye
|
| R. Jarquin |
Aye
|
| M. James |
Aye
|
| D. Schultheis |
Aye
|
| A. Basheer |
Aye
|
| M. Valanzola |
Absent
|
| Y. Hao |
Aye
|
| B. Linville-Engler |
Aye
|
| W. Asher |
Aye
|
| J. Griffin |
Aye
|
| J. O'Reilly |
Aye
|
F.
Florrent Investment Discussion
Ms. Yadav presented an opportunity to invest in Florrent. Discussion ensued.
G.
Florrent Investment Vote
| Roll Call | |
|---|---|
| J. Griffin |
Aye
|
| D. Schultheis |
Aye
|
| Y. Hao |
Aye
|
| M. Valanzola |
Absent
|
| B. Linville-Engler |
Aye
|
| W. Asher |
Aye
|
| M. James |
Aye
|
| J. O'Reilly |
Aye
|
| C. Bouthot |
Aye
|
| R. Jarquin |
Aye
|
| A. Basheer |
Aye
|
H.
AI Lean RLF Discussion
Mr. Hipwood presented an opportunity to provide an RLF loan to AI Lean. Discussion ensued.
I.
AI Lean RLF Vote
| Roll Call | |
|---|---|
| M. Valanzola |
Absent
|
| W. Asher |
Aye
|
| Y. Hao |
Aye
|
| B. Linville-Engler |
Aye
|
| A. Basheer |
Aye
|
| R. Jarquin |
Aye
|
| J. O'Reilly |
Aye
|
| C. Bouthot |
Aye
|
| D. Schultheis |
Aye
|
| M. James |
Aye
|
| J. Griffin |
Aye
|
J.
Pipeline Report
K.
Portfolio Update
Mr. Hipwood, Ms. Yadav and Mr. Nijhawan provided updates on several portfolio companies. Discussion ensued.
L.
Roll Call Vote to Return to Open Session
| Roll Call | |
|---|---|
| A. Basheer |
Aye
|
| D. Schultheis |
Aye
|
| J. Griffin |
Aye
|
| B. Linville-Engler |
Aye
|
| W. Asher |
Aye
|
| M. James |
Aye
|
| C. Bouthot |
Absent
|
| R. Jarquin |
Aye
|
| Y. Hao |
Aye
|
| J. O'Reilly |
Aye
|
| M. Valanzola |
Absent
|
Mr. Hipwood announced that 4 votes took place during executive session.
VI. President's Report
A.
General Update
Mr. Hipwood provided a general update on investment and grant programs. Discussion ensued.
B.
MV Capital Update
C.
MV Accelerate Update
D.
Strategy Discussion
Mr. Hipwood provided an update on the FY 2025 strategy. Discussion ensued.
E.
Board-only Session
Staff left the meeting. Mr. Hipwood answered questions from the board. Discussion ensued. Mr. Hipwood then left the meeting and the Board continued the discussion.
Kevin Berry from MassDevelopment joined the meeting as a representive of Commonwealth Fund IV.