Award-winning architects Renzo Piano and Zoltan Pali have designed the first major US museum dedicated to the history and ongoing development of motion pictures.

“We are so grateful to the founding supporters of the campaign, who share our vision and passion for creating the Academy Museum,” Campaign chair Bob Iger said.

More than $100m has been raised for the campaign and organisers are want to reach a $250m target.

The museum will include exhibitions, galleries, special screening rooms, collections and archives that will include more than 140,000 films, 10m photographs, 42,000 original film posters and more.

The building will be situated at the May Company Wilshire building in Los Angeles and is scheduled to open in 2016.