The Kavli Prize was established in 2005 as a joint venture of the Norwegian Academy of Science and Letters, the Norwegian Ministry of Education and Research, and the Kavli Foundation. It honors, supports, and recognizes scientists for outstanding work in the fields of astrophysics, nanoscience and neuroscience. Three prizes are awarded every second year. Each of the three Kavli Prizes consists of a gold medal, a scroll, and a cash award of US$1,000,000. The medal has a diameter of 70 millimetres (2.8 in), a thickness of 5 millimetres (0.20 in), and weighs 311 grams (11.0 oz).

Nanotechnology was defined by the National Nanotechnology Initiative as the manipulation of matter with at least one dimension sized from 1 to 100 nanometers (nm). At this scale, commonly known as the nanoscale, surface area and quantum mechanical effects become important in describing properties of matter. The definition of nanotechnology is inclusive of all types of research and technologies that deal with these special properties. It is therefore common to see the plural form "nanotechnologies" as well as "nanoscale technologies" to refer to the broad range of research and applications whose common trait is size. An earlier description of nanotechnology referred to the particular technological goal of precisely manipulating atoms and molecules for fabrication of macroscale products, also now referred to as molecular nanotechnology.