A South Korean life sciences company, 3billion, is set to establish a genetic testing laboratory in North Austin, which could lead to the creation of up to 200 jobs. The Austin City Council approved a $200,000 economic development agreement with the Seoul-based biotech firm last week. The new facility, covering 13,000 square feet, will be located at 13620 Ranch-to-Market Road 620 and is expected to be operational by the second half of 2026.
The company plans to make a significant investment of $8.1 million into the lab, translating to approximately $623 per square foot. Situated near an Applied Materials manufacturing site and east of Lakeline Mall, the project is anticipated to generate around $2.3 million in economic benefits over the next decade.
Under the agreement, the city of Austin will provide $1,000 for each job created. 3billion aims to offer 200 full-time positions with an average salary exceeding $95,000. This initiative is viewed as a crucial step in bolstering Austin’s life sciences ecosystem, as noted by Stacey Schmitt, Chief Operating Officer of Opportunity Austin.
“This project is meaningful to Austin because it will create 200 jobs, and it will really strengthen our life sciences ecosystem,” Schmitt stated during the city council meeting. She emphasized the collaborative nature of this effort, highlighting the importance of attracting international companies that focus on local talent and enhance community health care.
3billion is not the only company expanding in Austin’s life sciences and genetic testing sector. Last year, BillionToOne, a California-based company, announced a plan to invest $44.5 million in a new lab in North Austin, adjacent to Samsung Electronics’ chip factory. That facility is projected to employ around 1,000 people and is expected to be completed by 2027.
With its commitment to innovation and economic growth, the introduction of 3billion’s laboratory marks a significant development for Austin’s burgeoning life sciences landscape. This initiative not only reflects a strategic investment in the local economy but also reinforces the city’s reputation as a growing hub for biotechnology and genetic research.
