A South Korean life sciences company plans to open a genetic testing lab in North Austin, a move that could create up to 200 jobs.
Last week, the Austin City Council approved a $200,000 economic development agreement with 3billion, an AI-driven biotech company based in Seoul, to open a 13,000-square-foot genetic testing lab at 13620 Ranch-to-Market Road 620.
The company plans to invest $8.1 million — or about $623 per square foot — into the facility, located near an Applied Materials manufacturing site east of Lakeline Mall.
The city of Austin will award the company $1,000 for every job, with 3billion planning to create 200 full-time jobs with an average salary of more than $95,000 over 10 years, according to the agreement. The company plans for its lab to be operational by the second half of 2026.
The city estimates the lab will generate about $2.3 million in economic benefits over the next decade.
“This project is meaningful to Austin because it will be created 200 jobs, and it will really be able to strengthen our life sciences ecosystem,” Stacey Schmitt, chief operating officer of Opportunity Austin, said during the city council meeting. “As we all know, this is a collaborative effort as we continue to grow life sciences as well as an internatinal company who will be coming here and really focusing on the talent that we have in this community and bringing a better quality of life in the health care and life sciences space.”
The company has already established a presence in Austin and is planning to use its hub in the city as the base for its North American operations, according to city documents.
3billion is the latest addition to Austin’s life sciences and genetic testing sector. Last year, California-based BillionToOne filed plans to invest $44.5 million on a new lab in North Austin near Samsung Electronics’ chip factory. The company will employ about 1,000 people at the space, which is set to be completed by 2027.