Korea Israel Industrial R&D Foundation is an agreement between the governments of Korea and Israel that supports industrial R&D projects that lead to potential commercialization and contribute to the economic progress of the two countries. The foundation is engaged in the management of a joint R&D fund that receives an equal sum of $2 million per year, raised by both governments. Investments are in the form of cash grants up to 50% of the eligible R&D cost to a maximum of $1 million.