Google has upped the stakes for the Lunar XPrize to $40 million and it is giving away Milestone Prizes worth $6 million to five chosen teams who are ready to take the challenge.

The Lunar XPrize is not just a fly-me-to-the-moon competition but it called on entrepreneurs and engineers when it launched in 2007, to develop cost-efficient methods to explore the Earth's nearest neighbor using robots. In order to win the coveted top prize, a team must bring a robot on the lunar surface and make the robot transmit clear video and images back home, and explore at least 500 meters.

While all teams are eyeing for the biggest pots, Google wanted to challenge teams on three categories: landing system, mobility subsystem, and imaging subsystem. Out of the 33 submissions for the Milestone Prizes, five teams emerged as worthy competitors for the special prizes.

For the milestone on landing system, Google will give $1 million each for the team who can come up with the hardware and software that can help achieve a soft landing on the moon. Vying for the prize are Team Indus from India and American teams Astrobotic and Moon Express.

Astrobotic and Moon Express are also going for the $500,000 milestone prize for each team who can move he lunar craft 500 meters upon landing for the mobility subsystem challenge. Teams Hakuto from Japan and Part-Time-Scientists from Germany are also competing in this category.

Team Indus, Astrobotic, Part-Time-Scientists, and Moon Express are all targeting $250,000 each if they can successfully transmit "mooncasts" or high-quality video and images from the surface of the moon.

"Every strategy presented to us was imaginative, forward-thinking and ambitious, which made it difficult to choose only a handful to proceed to the Accomplishment Round. As there are increasing fiscal constraints threatening the ability of governments to fund exploration, the need to recognize the bold technical achievements of these privately-funded teams is greater than ever," said chair of the Google Lunar XPRIZE judging panel, David Swanson.

Out of the 33 submissions to the Milestone Prizes, the panel of judges only picked 11 submissions from five teams that wanted to try. The teams have to complete the requirements of the Milestone Prizes on or before September 2014.

Competing for the Milestone Prizes is not a requirement but it highlights how teams are preparing in order to grab the grand prize. Winning these bonus prizes can also ease the cash flow of the privately funded teams.

The Lunar XPrize winner will bag $20 million while the second best team will get $5 million. Aside from Milestone Prizes, there are also other ancillary tasks that will reward those who can conquer them.

The Milestone Prizes were announced in November 2013.

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