The fundraising drive will primarily go to support refurbishment of two cinemas at the ICA.
Film4 will advise and support the ICA in significant fundraising strategies, with details to be announced soon.
Film4 will also host specially programmed Channel 4 film screenings at the ICA and donate some tickets proceeds to the effort.
Film4's Tessa Ross said: 'The ICA has long been one of the UK's great cultural innovators and shares our passion for bringing distinctive and risk taking work to a wider audience. I am delighted we can lend our support to this institution and that our collaboration will go beyond that of fundraiser to become a genuinely exciting creative exchange.'