In an attempt to identify early-stage cancers, Gene sequencing company Illumina Inc announced Sunday to start a new company called Grail. It will work to develop a universal blood test capable of detecting early stage cancers in individuals without any symptoms of the disease.

Illumina also revealed to spend more than $100 million in Series A financing where the San Diego-based biotechnology company will be majority owner. Apart from Illumina, key investors will be Amazon.com founder Jeff Bezos, Microsoft founder Bill Gates, while Sutter Hill Ventures and ARCH Venture Partners may be in backing.

Illumina will also allow Grail to use its DNA sequencing technology to find bits of cancer genes originating in tumors. The company said it is planning to make a technology capable of detecting many kinds of cancers, which could be treated at earlier stages.

As per estimates by Cowen & Co, more than $10 billion will be spend by the end of this decade to use DNA blood tests for cancer screening. There are a number of companies around the globe that develop liquid biopsies, but most of them are used in patients who are already diagnosed with cancer.

“It will take huge clinical trials to provide the kind of evidence necessary to make DNA blood tests part of routine cancer screening. Direct-to-consumer testing company Pathway Genomics last year launched a DNA blood test for healthy people without having conducted such trials”, as per experts. Illumina is capable of proving that, they added.

Jay Flatley, Chief Executive of Illumina, has been appointed as chairman of Grail. Flatley said the work on new test has already started months ago. The company has made tremendous progress, which boost every member that they can get to the endpoint soon, Flatley added