The Turing Award website announced on Thursday that the funding level for the ACM A.M. Turing Award has been increased to $1 million (£640,000).
The funding for the annual award, sometimes referred to as the “Nobel Prize” in computer science, will be provided by Google and is now just as lucrative as the Nobel prize itself.
The quadrupling of funds, which goes into effect for the 2014 ACM Turing Awards, is perceived as another sign of the ever growing computer technology.
The increased funds will also, as it is stated on the AM Turing website, raise the award’s visibility as the premier recognition of computer scientists that make major contributions to the computing field.
“The Turing Award is now funded at the monetary level of the world's most prestigious cultural and scientific awards and prizes," said ACM President Alexander Wolf.
"With the generous support of Google, we can celebrate the mainstream role of computing in transforming the world and the way we communicate, conduct business, and access entertainment.
“We can also commemorate the pioneering, fundamental contributions of our ACM Turing Award recipients in advancing computing as a science and a profession."
“Google is proud to support ACM’s Turing Award,” said vice president of engineering at Google, Stuart Feldman.
“We think it’s important to recognize when people make fundamental contributions in computer science, and we want to help ACM raise awareness of these innovators and the contributions they’ve made to the world.”
The A.M. Turing Award was named in honour of Alan Mathison Turing (1912–1954), a British mathematician and computer scientist.