The EU funded a 10 year project in that area https://ec.europa.eu/research/biosociety/pdf/a_decade_of_eu-...
The genera database can also give an indication of the funding by private and government in biotech (i think its 1/3 or 1/2, but can't find the link)
https://www.biofortified.org/portfolio/infographic-world-map...
Update: Replying to some of the comments, just want to clarify that company should pay for the testing, but the actual scientific research should be done independently. Of course the company will probably have done some initial research of their own (at least you would hope so), but it would need to be replicated independently.
Update 2: Grist covered gmos a few years back and here is the part about the regulation http://grist.org/food/the-gm-safety-dance-whats-rule-and-wha...