MassVentures
Minutes
MassVentures Board Meeting
Date and Time
Monday May 5, 2025 at 8:00 AM
Location
Join Zoom Meeting
https://us02web.zoom.us/j/83620143735?pwd=BFXsUUGStV0bIKFmEmd02KXkpr7DHJ.1&from=addon
Meeting ID: 836 2014 3735
Passcode: 664876
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1075 Main Street, Suite 100
Waltham, MA 02451
Directors Present
A. Stolba (remote), B. Linville-Engler (remote), B. Shim (remote), C. Bouthot (remote), D. Schultheis (remote), J. Griffin (remote), J. O'Reilly (remote), M. James (remote), R. Jarquin (remote), W. Asher
Directors Absent
L. Wittenberg
Directors who left before the meeting adjourned
M. James
Guests Present
C. Hipwood, J. Madison, P. Yadav, S. Leis, S. Swider, V. Nijhawan
I. Opening Items
A.
Call the Meeting to Order
A. Stolba called a meeting of the board of directors of MassVentures to order on Monday May 5, 2025 at 8:02 AM.
B.
Examples of Mission
C.
Highlights
II. Approvals
A.
Board Minutes
J. Griffin made a motion to approve the minutes from MassVentures Board Meeting on 03-24-25.
W. Asher seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| R. Jarquin |
Aye
|
| B. Shim |
Aye
|
| A. Stolba |
Abstain
|
| J. O'Reilly |
Aye
|
| M. James |
Aye
|
| J. Griffin |
Aye
|
| B. Linville-Engler |
Aye
|
| C. Bouthot |
Aye
|
| D. Schultheis |
Aye
|
| L. Wittenberg |
Absent
|
| W. Asher |
Aye
|
B.
Pre-Investment Action Shee: ClearCut Surgical
R. Jarquin made a motion to Approve the pre-investment action sheet.
B. Linville-Engler seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| B. Linville-Engler |
Aye
|
| B. Shim |
Aye
|
| W. Asher |
Aye
|
| J. Griffin |
Aye
|
| L. Wittenberg |
Absent
|
| M. James |
Aye
|
| D. Schultheis |
Aye
|
| R. Jarquin |
Aye
|
| J. O'Reilly |
Aye
|
| A. Stolba |
Abstain
|
| C. Bouthot |
Aye
|
C.
Pre-Investment Action Sheet: AI Lean RLF
R. Jarquin made a motion to Approve the pre-investment action sheet.
B. Linville-Engler seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| R. Jarquin |
Aye
|
| M. James |
Aye
|
| J. O'Reilly |
Aye
|
| W. Asher |
Aye
|
| L. Wittenberg |
Absent
|
| A. Stolba |
Abstain
|
| D. Schultheis |
Aye
|
| J. Griffin |
Aye
|
| B. Linville-Engler |
Aye
|
| B. Shim |
Aye
|
| C. Bouthot |
Aye
|
D.
Pre-Investment Action Sheet: QSM Diagnostics
R. Jarquin made a motion to Approve the pre-investment action sheet.
B. Linville-Engler seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| B. Shim |
Aye
|
| L. Wittenberg |
Absent
|
| J. Griffin |
Aye
|
| W. Asher |
Abstain
|
| M. James |
Aye
|
| J. O'Reilly |
Aye
|
| C. Bouthot |
Aye
|
| B. Linville-Engler |
Aye
|
| A. Stolba |
Abstain
|
| R. Jarquin |
Aye
|
| D. Schultheis |
Aye
|
E.
Pre-Investment Action Sheet: BitEnergy
R. Jarquin made a motion to Approve the pre-investment action sheet.
B. Linville-Engler seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| B. Shim |
Aye
|
| R. Jarquin |
Aye
|
| C. Bouthot |
Aye
|
| M. James |
Aye
|
| J. Griffin |
Aye
|
| B. Linville-Engler |
Aye
|
| A. Stolba |
Abstain
|
| J. O'Reilly |
Aye
|
| L. Wittenberg |
Absent
|
| W. Asher |
Aye
|
| D. Schultheis |
Aye
|
III. Financial Matters
A.
Treasurer's Report
Mr. Madison presented the Treasurer's report. Discussion ensued.
B.
Approve Treasurer's Report
J. O'Reilly made a motion to Approve the treasurer's report.
W. Asher seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| R. Jarquin |
Aye
|
| C. Bouthot |
Aye
|
| J. Griffin |
Aye
|
| M. James |
Aye
|
| B. Shim |
Aye
|
| B. Linville-Engler |
Aye
|
| L. Wittenberg |
Absent
|
| W. Asher |
Aye
|
| A. Stolba |
Aye
|
| D. Schultheis |
Aye
|
| J. O'Reilly |
Aye
|
IV. Conflicts of Interest
A.
Conflicts
Mr. Hipwood presented a list of companies under consideration for investment and asked that board members announce any conflicts of interest. 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 matters related to applicants of MassVentures' funds.
W. Asher seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| J. Griffin |
Aye
|
| B. Shim |
Aye
|
| C. Bouthot |
Aye
|
| B. Linville-Engler |
Aye
|
| A. Stolba |
Aye
|
| R. Jarquin |
Aye
|
| L. Wittenberg |
Absent
|
| W. Asher |
Aye
|
| M. James |
Aye
|
| J. O'Reilly |
Aye
|
| D. Schultheis |
Aye
|
B.
Ascend Elements Discussion
Mr. Hipwood presented an opportunity to invest in the Ascend Elements bridge note. Discussion ensued.
C.
Ascend Elements Vote
R. Jarquin made a motion to Approve investment in the Ascend Elements bridge note as presented.
J. Griffin seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| A. Stolba |
Aye
|
| M. James |
Aye
|
| R. Jarquin |
Aye
|
| C. Bouthot |
Aye
|
| J. O'Reilly |
Aye
|
| B. Shim |
Aye
|
| L. Wittenberg |
Absent
|
| J. Griffin |
Aye
|
| B. Linville-Engler |
Aye
|
| W. Asher |
Aye
|
| D. Schultheis |
Aye
|
M. James left at 9:00 AM.
D.
AlteRNA
AlteRNA presented information on their company for investment consideration. Discussion ensued.
E.
AlteRNA Vote
W. Asher made a motion to Approve investment in AlteRNA as presented.
R. Jarquin seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| C. Bouthot |
Aye
|
| B. Linville-Engler |
Aye
|
| J. O'Reilly |
Aye
|
| W. Asher |
Aye
|
| M. James |
Absent
|
| A. Stolba |
Aye
|
| J. Griffin |
Aye
|
| R. Jarquin |
Aye
|
| B. Shim |
Aye
|
| D. Schultheis |
Aye
|
| L. Wittenberg |
Absent
|
F.
THRiVE Grants
J. O'Reilly made a motion to Approve the THRiVE grant.
R. Jarquin seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| M. James |
Absent
|
| J. Griffin |
Aye
|
| D. Schultheis |
Aye
|
| B. Linville-Engler |
Aye
|
| W. Asher |
Aye
|
| B. Shim |
Aye
|
| L. Wittenberg |
Absent
|
| A. Stolba |
Aye
|
| C. Bouthot |
Aye
|
| J. O'Reilly |
Aye
|
| R. Jarquin |
Aye
|
G.
START Grants
W. Asher made a motion to Approve the START alternates.
B. Linville-Engler seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| L. Wittenberg |
Absent
|
| J. O'Reilly |
Aye
|
| R. Jarquin |
Aye
|
| B. Shim |
Aye
|
| W. Asher |
Aye
|
| M. James |
Absent
|
| B. Linville-Engler |
Aye
|
| D. Schultheis |
Aye
|
| J. Griffin |
Aye
|
| C. Bouthot |
Aye
|
| A. Stolba |
Aye
|
H.
Pipeline Report
I.
Portfolio Update
Mr Hipwood provided some updates.
J.
Roll Call Vote to Return to Open Session
W. Asher made a motion to Return to open session.
R. Jarquin seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| J. O'Reilly |
Aye
|
| C. Bouthot |
Aye
|
| W. Asher |
Aye
|
| M. James |
Aye
|
| L. Wittenberg |
Absent
|
| R. Jarquin |
Aye
|
| B. Linville-Engler |
Aye
|
| J. Griffin |
Aye
|
| A. Stolba |
Aye
|
| D. Schultheis |
Aye
|
| B. Shim |
Aye
|
VI. President's Report
A.
General Update
Mr. Hipwood provided updates on the business. Discussion ensued.
B.
MV Capital Update
C.
MV Accelerate Update
D.
Strategy Discussion
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 10:05 AM.
Respectfully Submitted,
W. Asher
Mr. Hipwood provided some highlights since the last meeting.