The city of Austin approved an economic development incentive with 3billion US Inc.—a South Korean genetic testing company—for the company’s first U.S. branch, slated for northwest Austin near Cedar Park. Austin City Council voted in favor of the incentive Feb. 5.
The details
The program will award $1,000 to 3billion for every job the company hires—up to $200,000 in total over a 10-year period. The company is expected to create 200 full-time jobs with an average salary of $95,000, according to a news release.
The city also anticipates roughly $2.3 million in fiscal benefits over 10 years, including property tax, sales tax and utility revenues, the release states.
“This expansion enables 3billion to bring our high-quality, AI-powered rare genetic disease diagnostic services directly to patients across the United States while creating high-wage jobs for local talent,” 3billion CEO Changwon Keum said in a statement.
The incentive agreement will result in an estimated $8 million direct economic impact for the community, according to the release.
About the company
3billion is a Seoul, South Korea-based company that provides genetic testing to detect rare diseases. City documents laid out details about the lab the company is building along SH 45 just east of US 183:
Address: 13620 RM 620, AustinSize: 12,994-square-foot genetic testing labOutput: up to 50,000 genetic tests a year
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