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MassVentures

Minutes

MassVentures Board Meeting

Date and Time

Monday December 2, 2024 at 8:00 AM

Location

1075 Main Street, Suite 100

Waltham, MA 02151

 

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Phone #: +1 305 224 1968

 

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Meeting ID: 861 3411 7379

Passcode: 661193

Phone #: +1 305 224 1968

 

One tap mobile

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Directors Present

B. Linville-Engler (remote), B. Shim (remote), M. James (remote), M. Valanzola (remote), R. Jarquin (remote), W. Asher, Y. Hao

Directors Absent

C. Bouthot, D. Schultheis, J. Griffin, J. O'Reilly

Directors who arrived after the meeting opened

R. Jarquin

Ex Officio Members Present

S. Stanton

Non Voting Members Present

S. Stanton

Guests Present

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

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 Dec 2, 2024 at 8:02 AM.

B.

Examples of Mission

Mr. Hipwood discussed some examples of mission.

C.

Highlights

Mr. Hipwood provided some highlights since the last meeting.  Discussion ensued.  

II. Approvals

A.

Board Minutes

Y. Hao made a motion to approve the minutes from MassVentures Board Meeting on 10-21-24.
W. Asher seconded the motion.
The board VOTED to approve the motion.
Roll Call
C. Bouthot
Absent
D. Schultheis
Absent
B. Shim
Aye
M. Valanzola
Abstain
B. Linville-Engler
Abstain
J. O'Reilly
Absent
Y. Hao
Aye
R. Jarquin
Absent
M. James
Aye
J. Griffin
Absent
W. Asher
Aye

B.

Audit Committee Minutes

B. Linville-Engler made a motion to approve the minutes from Audit Committee Meeting on 10-17-24.
B. Shim seconded the motion.

Ms. Stanton also voted to approve as she attended the Audit Committee meeting as the designee of Secretary Hao.

The board VOTED to approve the motion.
Roll Call
R. Jarquin
Abstain
C. Bouthot
Absent
M. James
Abstain
D. Schultheis
Absent
Y. Hao
Abstain
B. Shim
Aye
M. Valanzola
Abstain
J. Griffin
Absent
W. Asher
Abstain
B. Linville-Engler
Aye
J. O'Reilly
Absent

C.

Pre-Investment Action Sheet - AI Lean

Y. Hao made a motion to Approve the pre-investment action sheet of AI Lean.
W. Asher seconded the motion.
The board VOTED to approve the motion.
Roll Call
J. O'Reilly
Absent
M. Valanzola
Aye
R. Jarquin
Absent
J. Griffin
Absent
Y. Hao
Aye
W. Asher
Aye
B. Linville-Engler
Aye
B. Shim
Aye
D. Schultheis
Absent
C. Bouthot
Absent
M. James
Aye

D.

Pre-Investment Action Sheet - Atlantic Quantum

Y. Hao made a motion to Approve the pre-investment action sheet for Atlantic Quantum.
W. Asher seconded the motion.
The board VOTED to approve the motion.
Roll Call
R. Jarquin
Absent
J. O'Reilly
Absent
B. Shim
Aye
W. Asher
Aye
J. Griffin
Absent
D. Schultheis
Absent
M. Valanzola
Aye
Y. Hao
Aye
M. James
Aye
C. Bouthot
Absent
B. Linville-Engler
Aye

III. Financial Matters

A.

Treasurer's Report

Mr. Madison presented the financial report for the period ending September 2024.  Discussion ensued.

B.

Approve Treasurer's Report

W. Asher made a motion to Approve the Treasurer's report.
M. Valanzola seconded the motion.
The board VOTED to approve the motion.
Roll Call
Y. Hao
Aye
C. Bouthot
Absent
B. Linville-Engler
Aye
D. Schultheis
Absent
W. Asher
Aye
M. James
Aye
M. Valanzola
Aye
B. Shim
Aye
J. O'Reilly
Absent
R. Jarquin
Absent
J. Griffin
Absent
R. Jarquin arrived at 8:12 AM.

IV. Conflicts of Interest

A.

Conflicts

Mr. Hipwood presented a list of companies currently under consideration for venture funding and asked 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
M. Valanzola
Aye
R. Jarquin
Aye
B. Shim
Aye
B. Linville-Engler
Aye
C. Bouthot
Absent
W. Asher
Aye
D. Schultheis
Absent
J. Griffin
Absent
J. O'Reilly
Absent
M. James
Aye
Y. Hao
Aye

B.

Cyvl Investment Discussion

Ms. Yadav presented an opportunity to participate in a follow-on investment for Cyvl.  Discussion ensued.  

C.

Cyvl Investment Vote

Y. Hao made a motion to Approve the follow-on investment in Cyvl.
R. Jarquin seconded the motion.
The board VOTED to approve the motion.
Roll Call
D. Schultheis
Absent
Y. Hao
Aye
C. Bouthot
Absent
R. Jarquin
Aye
B. Linville-Engler
Aye
J. Griffin
Absent
B. Shim
Aye
W. Asher
Aye
M. James
Aye
M. Valanzola
Aye
J. O'Reilly
Absent

D.

Atlantic Quantum Update to Investment Approval

W. Asher made a motion to Approve an increase to the investment amount previously approved by the board for Atlantic Quantum.
Y. Hao seconded the motion.
The board VOTED to approve the motion.
Roll Call
W. Asher
Aye
R. Jarquin
Aye
D. Schultheis
Absent
M. Valanzola
Aye
J. O'Reilly
Absent
J. Griffin
Absent
B. Linville-Engler
Aye
B. Shim
Aye
M. James
Aye
Y. Hao
Aye
C. Bouthot
Absent

E.

JetCool Discussion

Mr. Hipwood provided an overview of JetCool's acquisition by Flex.  Discussion ensued.  

F.

Finwave Preview

Ms. Swider presented a preview for a potential investment in Finwave.  Discussion ensued.  

G.

CraftRidge Preview

Ms. Yadav presented a preview for a potential investment in CraftRidge.  Discussion ensued.  

H.

Approve Acorn Grants

Mr. Hipwood provided an overview of the Acorn grants and presented the list of awardees.  Discussion ensued. 

Y. Hao made a motion to Approve the Acorn grants.
W. Asher seconded the motion.
The board VOTED to approve the motion.
Roll Call
B. Linville-Engler
Aye
J. Griffin
Absent
R. Jarquin
Aye
C. Bouthot
Absent
D. Schultheis
Absent
B. Shim
Aye
J. O'Reilly
Absent
M. James
Aye
Y. Hao
Aye
M. Valanzola
Aye

I.

Approve GEiR/THRiVE Grant

Mr. Hipwood provided an overview of the THRiVE grants and the potential awardee.  Discussion ensued.  

Y. Hao made a motion to Approve the THRiVE grant.
W. Asher seconded the motion.
The board VOTED to approve the motion.
Roll Call
M. James
Aye
Y. Hao
Aye
C. Bouthot
Absent
B. Shim
Aye
W. Asher
Aye
B. Linville-Engler
Aye
R. Jarquin
Aye
J. O'Reilly
Absent
D. Schultheis
Absent
M. Valanzola
Aye
J. Griffin
Absent

J.

Pipeline Report

K.

Portfolio Update

Mr. Hipwood provided some portfolio metrics.  

L.

Roll Call Vote to Return to Open Session

W. Asher made a motion to Return to open meeting.
R. Jarquin seconded the motion.
The board VOTED to approve the motion.
Roll Call
J. Griffin
Absent
B. Linville-Engler
Aye
M. Valanzola
Aye
M. James
Aye
C. Bouthot
Absent
W. Asher
Aye
J. O'Reilly
Absent
B. Shim
Aye
R. Jarquin
Aye
Y. Hao
Aye
D. Schultheis
Absent

VI. President's Report

A.

General Update

Mr. Hipwood provided a general update on MassVentures.  

B.

MV Capital Update

Mr. Hipwood provided an update on MV Capital programs.

C.

MV Accelerate Update

Mr. Hipwood provided an update on MV Accelerate programs.

D.

Strategy Discussion

Mr. Hipwood provided an update on the strategic plan.  Mr. Hipwood also presented an opportunity to create a 501c3 LLC for Founders School.  Discussion ensued.  

Y. Hao made a motion to Approve MassVentures setting up a 501c3 for Founders School.
B. Shim seconded the motion.
The board VOTED to approve the motion.
Roll Call
J. O'Reilly
Absent
Y. Hao
Aye
R. Jarquin
Aye
M. James
Aye
W. Asher
Aye
D. Schultheis
Absent
B. Shim
Aye
M. Valanzola
Aye
J. Griffin
Absent
C. Bouthot
Absent
B. Linville-Engler
Aye

Mr. Kassaraba presented an update on the MTTC strategy.  Discussion ensued.  

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 10:02 AM.

Respectfully Submitted,
W. Asher