The money will be used to develop and implement new strategies to improve teacher effectiveness.
"We are convinced that in order to dramatically improve education in America, we must first ensure that every student has an effective teacher in every subject, every school year," said Melinda Gates.
Administrators of the schools estimated that more than 75 percent of their graduates over the last two years are attending four-year colleges, well above the state average.
CNS contributed to this report.