The University of Memphis has announced a gift over $5 million over five years from FedEx Corp. to support the work of the FedEx Institute of Technology.

The gift, which matches a previous gift from the company to establish the institute at the university, will support research, facilitate the recruitment of new faculty members, and fund initiatives such as the visiting speakers series and a residency program for innovators, artists, and CEOs. It will also allow the institute to recruit internationally recognized research faculty.

Institute director Craig Grossman praised FedEx's vision, saying the company's "continued generosity gives the institute the needed flexibility to build its research capacity and to invest in the kind of interdisciplinary, vanguard work that holds the promise not only of growing research at the University of Memphis, but of benefiting the lives of real people."