Digital computing has been the backbone of the modern information revolution, driven by sustained advancements in digital hardware. Despite this tremendous success, many computational problems relevant to rapidly advancing fields such as machine learning, biotechnology, and resource optimization continue to challenge these platforms in terms of performance and efficiency. With the ever-increasing demand for computation and the slowing down of Moore’s law, there is a strong impetus to explore alternate computing paradigms and hardware platforms to solve such problems more efficiently. Probabilistic bit (p-bit)-based computing platforms, which exhibit characteristics starkly different from the deterministic behavior of digital bits, offer a promising pathway in such scenarios. However, current p-bit-based computing platforms have focused on a narrow set of functionalities, thereby limiting their broader potential. The goal of this project is to develop PRSIM, a new probabilistic computing engine with novel functional capabilities that can transform the efficacy of probabilistic computing. These advancements will be enabled and supported by novel probabilistic hardware realized using oscillator networks. PRISM will facilitate fundamental advances in probabilistic computing that will help overcome the constraints of existing platforms. These advancements will also have transformative downstream benefits for practical applications that require solving such problems. Computing p