The school takes its name from the park outside the walls of Athens named for the ancient Athenian hero, Akademos, where Plato and his students met.
The Academy was a center for philosophical teaching and research for nine hundred years (c. 380 BCE- 529 CE), but was closed by Justinian 1 during his purge of “pagan” (i.e., non-christian) institutions.
Read more about the Academy.