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SureScreen's test will be deployed in educational settings, as well as for the testing of National Health Service and care home staff.
The government said that rapid, regular testing of asymptomatic patients will be expanded to cover all 317 local authorities in the country starting next week.
The Universities of Southampton and Leeds will lead the project with participation from Johnson & Johnson, Roche, Oncimmune, BC Platforms, Inivata, and NHS England.
The PCR test is the first offering from the firm, formerly known as Concepta, since it acquired Manchester-based startup The Genome Store in November.
Called the COVID Bubble Test, the UK-based service allows the testing of up to 10 people on a single cartridge for £100, or £10 per person.
The test uses a targeted methylation sequencing panel to detect more than 50 cancer types across all stages and pinpoint a cancer's tissue of origin.
The government will provide around 670,000 rapid antigen tests to local health officials across England this week to expand testing in asymptomatic individuals.
Residents and workers in the city will be tested with PCR, new lateral flow, and LAMP tests as the country faces a wave of new coronaviruses cases and a lockdown.
Laboratories at University College London, Imperial College London, Queen Mary University of London, and King's College London will all contribute to the effort.
The funding will be used to start a new trial to assess the benefits of repeat population testing, expand existing trials, and increase PCR-based testing capacity.