Cathie Wood-led Ark Investment Management has quickly piled up over one million shares in the semiconductor company Quantum-Si Inc(NASDAQ:QSI) since it began trading earlier this month.
The popular investment firm on Thursday snapped another 95,199 shares, estimated to be worth about $1 million, in Quantum-Si Inc(NASDAQ:QSI), its sixth straight buy in the stock since June 11, the day it began trading on the Nasdaq.
Shares of Quantum-Si, which have risen about 3% since June 11, closed 4.3% higher at $11 on Thursday.
The New York-based investment firm has piled up about 1.1 million shares, worth about $12 million, in the company that has gone public in a SPAC merger with HighCape Capital Acquisition Corp(NASDAQ CAPA).
Ark has deployed its flagship healthcare-focused Ark Genomic Revolution ETF(BATS:ARKG) to buy the shares.
Quantum-Si created the first next-gen protein sequencing platform with the goal of revolutionizing the field of proteomics. A commercial launch for Quantum-Si is scheduled for 2022 beginning with research use.The company will start by decoding the molecules of life starting with proteins with the potential to expand the scale to genomics.
The company is led by Dr. Jonathan Rothberg, who is also the founder of Butterfly Network Inc(NYSE:BFLY). Rothberg founded over 10 companies and is an award winner in the technology and medical fields.
Butterfly Network, which is backed by Microsoft Corp.(NASDAQ:MSFT) Bill Gates, had last year completed itsSPAC merger.
Quantum-Si is targeting a $21 billion market and believes it has a scalable semiconductor chip that could expand to home testing sometime after the year 2024. Applications for the chips from Quantum-Si could include diagnostic applications and drug discovery.