Internet and technology juggernaut Google is quadrupling its award prize for the A.M. Turing Award from $250,000 to $1 million.
The award, also dubbed as the Nobel Prize in Computing, is given by The Association for Computing Machinery annually. Google and Intel have been giving out $250,000 for the award since 2007.
The A.M. award recognizes an individual who has significantly contributed to the computing sector. It is awarded between the months of February and March.
The boosted prize will be given to the 2014 awardee next year. The latest award recipient was Leslie Lamport, a principal at Microsoft Research.
Past winners include "Father of the Internet" Vint Cerf, who co-designed the Internet's architecture. Vint has also been working as a Chief Internet Evangelist for Google since 2005.
The AMC said that the bigger prize reflects the increasing importance of computing technology and innovations in everyday life. Additionally, it will identify the Turing Award as one of the highest recognitions for computer engineers and scientists who contributed in the vast computing sector.
The quadrupled prize will also allow the Turing Award to match and compete with other highly recognized honors with large award prizes such as the Japan Prize, which gave $481,000 to Yasuharu Suematsu, an 81-year-old researcher for fiber optics.
Another notable award, the TED Prize for social entrepreneurship, has a prize of $1 million. Given every other year, the Millennium Technology Prize from Finland comes with a staggering 1 million euros.
The Turing Award, which started in 1996, is named after well-known British computer scientist and mathematician Alan Turing.