The new institute will have a team of 16 researchers, 10 of whom will be new faculty members. The faculty members will hold appointments in departments related to brain research, such as biology or electrical engineering.

Even before yesterday's gift, MIT had significant programs in the field of neuroscience. The university already has a Department of Brain and Cognitive Sciences and a Center for Learning and Memory.

Patrick McGovern said his interest in neuroscience comes from his undergraduate days at MIT, where he studied neurophysiology and the human nervous system.

McGovern said he and his wife decided to donate the unprecedented sum of money because they believe neuroscience is at the cusp of major breakthroughs that the institute should be able to bring to fruition.

"It is my hope that in our lifetime we will be able to point proudly to the McGovern Institute for Brain Research and its important contributions to enhancing human learning, communications and quality of life," Lore Harp McGovern said in a press release.

Patrick McGovern is the founder and chair of International Data Group, a technology media conglomerate, publishing newspapers, magazines and books about technology. His wife is a technology entrepreneur and is chair of the board of associates of the Whitehead Institute for Biomedical Research at MIT.

According to the Oct. 11 issue of Fortune, Joseph McGovern has a net worth of $1.8 billion and is ranked 132 on the list of the richest Americans.