Every step towards curing cancer counts and detection is the first step of it all. And when it comes to detection, the earlier, the better. Gene sequencing company Illumina is paving the way to fast-track the identification of cancer by developing a universal blood test to check for early-stage cancers.

According to a report from Reuters, the San Diego-based company has revealed their plans to create a new company called Grail to fast-track their plans for cancer research. With Illumina as the majority owner, it's backed with over $100 million in Series A financing. Other investors include Microsoft's Bill Gates, Amazon's Jeff Bezos, ARCH Venture Partners and Sutter Hill Ventures.

The test that Grail will be looking to develop is expected to use Illumina's DNA sequencing technology to find cancer genes circulating in the blood stream. The goal is to identify newly forming cancers, treat it early and boost the survival chances.

Illumina's Chief Executive and new chairman of Grail Jay Flatley revealed that the company has been working on the new blood test for around 18 months.

"We've made tremendous progress, which gives us the confidence that we can get to the endpoint that we expect," Flatley said. The team expects refinement of the test to include another year of research and development. After, the company will be able to stage the clinical trials for up to another two years.

If things go well, the universal blood test could be out in the public by 2019. Flatley also added that they are hoping the cost of DNA sequencing would decrease so the resulting test could be priced at just around $500 each. This would make it more affordable to the general public.

A report from Technology Review said that while investors are getting more interested in cancer detection industry, the only early-detection liquid biopsy test in the U.S. is from Pathway Genomics. The test costs $699 and has attracted its fair share of critics, including a warning from the Food and Drug Administration for its marketing claims.

J. Leonard Lichtenfeld, deputy chief medical officer of the American Cancer Society, pointed out that the challenge is also in identifying data that is actually significant saying, "The hardest part is not only demonstrating the ability to detect cancer early, but being able to say this knowledge is in fact meaningful in terms of patient outcomes."

For their part, Flatley is acknowledging the obstacles ahead. The company will be conducting large-scale clinical trials with up to 30,000 people, with DNA sequencing that is equivalent to "decoding the genomes of about 400,000 people at high quality", the report from Technology Review revealed.