Richard Schulze said the amount will be paid over the course of five years to the University of Minnesota, the Star-Tribune reports.
Dr Bernhard Hering will head the project and told the news provider the team "must not settle for anything less than a cure."
Schulze has lived with the condition for at least 28 years and told the Star-Tribune he picked the university because it appeared to be the closest to finding a cure.
Earlier this year, BBC reported since more people are living longer in the UK, the number of senior citizens living with diabetes has increased.
In the past, organisations focused on younger people with the disease, which left some diabetic seniors without the proper support.
To remedy the problem, Europe's first dedicated Institute of Diabetes for Older People at the University of Bedfordshire was opened in May of this year, BBC reports.
Professor Alan Sinclair heads up the new institute.
"Care for older people is often absent from published clinical guidelines on diabetes," said Sinclair.
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