MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Monday June 17, 2024 at 8:00 AM
Location
1075 Main Street, Suite 100
Waltham, MA 02151
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
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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
B. Linville-Engler, C. Bouthot (remote), D. Schultheis (remote), J. Griffin (remote), J. O'Reilly (remote), M. James (remote), M. Valanzola (remote), S. Stanton, W. Asher
Directors Absent
A. Basheer, R. Jarquin, Y. Hao
Ex Officio Members Present
B. Shim (remote), G. Goldstein (remote)
Non Voting Members Present
B. Shim (remote), G. Goldstein (remote)
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
B.
Examples of Mission
C.
Highlights
Mr. Hipwood provided some highlights from the last month.
II. Approvals
A.
Board Minutes
Roll Call | |
---|---|
S. Stanton |
Aye
|
C. Bouthot |
Aye
|
J. O'Reilly |
Aye
|
W. Asher |
Aye
|
R. Jarquin |
Absent
|
J. Griffin |
Aye
|
D. Schultheis |
Aye
|
A. Basheer |
Absent
|
M. James |
Aye
|
Y. Hao |
Absent
|
B. Linville-Engler |
Aye
|
M. Valanzola |
Abstain
|
B.
Pre-Investment Action Sheet - InGel
Roll Call | |
---|---|
Y. Hao |
Absent
|
W. Asher |
Aye
|
C. Bouthot |
Aye
|
S. Stanton |
Aye
|
A. Basheer |
Absent
|
M. James |
Aye
|
R. Jarquin |
Absent
|
M. Valanzola |
Aye
|
B. Linville-Engler |
Aye
|
D. Schultheis |
Aye
|
J. Griffin |
Aye
|
J. O'Reilly |
Aye
|
C.
Pre-Investment Action Sheet - Concerto
Roll Call | |
---|---|
W. Asher |
Aye
|
D. Schultheis |
Aye
|
R. Jarquin |
Absent
|
Y. Hao |
Absent
|
C. Bouthot |
Aye
|
J. Griffin |
Aye
|
A. Basheer |
Absent
|
M. James |
Aye
|
S. Stanton |
Aye
|
B. Linville-Engler |
Aye
|
J. O'Reilly |
Aye
|
M. Valanzola |
Aye
|
D.
Pre-Investment Action Sheet - Florrent
Roll Call | |
---|---|
M. James |
Aye
|
J. O'Reilly |
Aye
|
C. Bouthot |
Aye
|
M. Valanzola |
Aye
|
J. Griffin |
Aye
|
Y. Hao |
Absent
|
B. Linville-Engler |
Aye
|
D. Schultheis |
Aye
|
R. Jarquin |
Absent
|
W. Asher |
Aye
|
S. Stanton |
Aye
|
A. Basheer |
Absent
|
E.
Pre-Investment Action Sheet - AI Lean
Roll Call | |
---|---|
W. Asher |
Aye
|
M. Valanzola |
Aye
|
D. Schultheis |
Aye
|
A. Basheer |
Absent
|
B. Linville-Engler |
Aye
|
M. James |
Aye
|
R. Jarquin |
Absent
|
J. Griffin |
Aye
|
C. Bouthot |
Aye
|
S. Stanton |
Aye
|
Y. Hao |
Absent
|
J. O'Reilly |
Aye
|
III. Financial Matters
A.
FY 2025 Budget Discussion
Mr. Hipwood and Mr. Madison presented the estimated actual FY '24 vs. FY'24 budget as well as the proposed FY '25 budget. Discussion ensued.
B.
Approve FY 2025 Budget
Roll Call | |
---|---|
R. Jarquin |
Absent
|
J. O'Reilly |
Aye
|
C. Bouthot |
Aye
|
M. James |
Aye
|
S. Stanton |
Aye
|
B. Linville-Engler |
Aye
|
D. Schultheis |
Aye
|
A. Basheer |
Absent
|
W. Asher |
Aye
|
J. Griffin |
Aye
|
M. Valanzola |
Aye
|
Y. Hao |
Absent
|
C.
Treasurer's Report
Mr. Madison presented the Treasurer's report for month-end April 2024. Discussion ensued.
D.
Approve Treasurer's Report
Roll Call | |
---|---|
W. Asher |
Aye
|
M. James |
Aye
|
D. Schultheis |
Aye
|
J. Griffin |
Aye
|
M. Valanzola |
Aye
|
A. Basheer |
Absent
|
Y. Hao |
Absent
|
B. Linville-Engler |
Aye
|
R. Jarquin |
Absent
|
C. Bouthot |
Aye
|
S. Stanton |
Aye
|
J. O'Reilly |
Aye
|
IV. Conflicts of Interest
A.
Conflicts
Mr. Hipwood prented a list of companies in due diligence and asked that any conflicts of interest be declared. None were noted.
V. Executive Session
A.
Roll Call Vote to Enter Executive Session
Roll Call | |
---|---|
B. Linville-Engler |
Aye
|
W. Asher |
Aye
|
D. Schultheis |
Aye
|
Y. Hao |
Absent
|
S. Stanton |
Aye
|
C. Bouthot |
Aye
|
A. Basheer |
Absent
|
M. James |
Aye
|
J. O'Reilly |
Aye
|
J. Griffin |
Aye
|
M. Valanzola |
Aye
|
R. Jarquin |
Absent
|
B.
Talking Heads Wireless Update
Mr. Nijhawan presented an update on Talking Heads Wireless. Discussion ensued.
C.
Talking Heads Wireless Approval
Roll Call | |
---|---|
A. Basheer |
Absent
|
Y. Hao |
Absent
|
R. Jarquin |
Absent
|
M. Valanzola |
Aye
|
J. Griffin |
Aye
|
J. O'Reilly |
Aye
|
B. Linville-Engler |
Aye
|
C. Bouthot |
Aye
|
W. Asher |
Aye
|
M. James |
Aye
|
D. Schultheis |
Aye
|
S. Stanton |
Aye
|
D.
ETS Investment Discussion
Ms. Swider presented an opportunity to invest in Electrified Thermal Solutions. Discussion ensued.
E.
ETS Investment Vote
Roll Call | |
---|---|
R. Jarquin |
Absent
|
M. James |
Aye
|
D. Schultheis |
Aye
|
W. Asher |
Aye
|
M. Valanzola |
Aye
|
J. O'Reilly |
Aye
|
Y. Hao |
Absent
|
S. Stanton |
Aye
|
J. Griffin |
Aye
|
C. Bouthot |
Aye
|
B. Linville-Engler |
Aye
|
A. Basheer |
Absent
|
F.
Pipeline Report
G.
Portfolio Update
MassVentures staff provided updates on several portfolio companies. Discussion ensued.
H.
Roll Call Vote to Return to Open Session
Mr. Hipwood announced that two votes took place during Executive Session related to investments in Talking Heads Wireless and ETS
Roll Call | |
---|---|
S. Stanton |
Aye
|
M. James |
Aye
|
Y. Hao |
Absent
|
J. O'Reilly |
Aye
|
J. Griffin |
Aye
|
D. Schultheis |
Aye
|
C. Bouthot |
Aye
|
A. Basheer |
Absent
|
M. Valanzola |
Aye
|
W. Asher |
Aye
|
R. Jarquin |
Absent
|
B. Linville-Engler |
Aye
|
VI. President's Report
A.
General Update
Mr. Hipwood provided a general update.
B.
MV Capital Update
Mr. Hipwood provided an update on the capital programs.
C.
MV Accelerate Update
Mr. Hipwood provided an update on accelerator programs.
D.
Strategy Discussion
Mr. Hipwood provided an update on the strategic plan. Discussion ensued.
E.
Board-only Session
MassVentures staff departed the meeting and the Board held a Board-only discussion.
Mr. Hipwood provided some examples of Mission.