GlaxoSmithKline has pledged pound;150,000 a year and the society will provide pound;65,000 a year and administrative support.
The partnership has applied to the Department for Education and Skills through its Gateways Development Fund for matched funding.
In total the funding is expected to support 900 teachers per year for three years.
Kay Stephenson, an assistant education manager at the Royal Society, said:
"The programme will give non-specialist chemistry teachers the confidence to teach with enthusiasm and be able to convey the excitement of the subject."