Brierley said: "Quantum computing is not going to be just slightly better than the previous computer, it's going to be a huge step forward.”

Riverlane has developed the world's first dedicated quantum decoder chip, designed to detect and correct the errors that currently hinder the technology.

The company announced it had secured $75 million in Series C funding, typically the final round of venture capital financing before an initial public offering.

Riverlane VP Earl Campbell said:"Over the next two to three years, we'll be able to get to systems that can support a million error-free operations. This milestone is expected to enable quantum computers to outperform conventional computers in certain tasks.”

Quantum computers excel at simulating other quantum systems, Brierley explained, allowing them to model interactions between particles, atoms, and molecules. This capability could revolutionise medicine and significantly improve the efficiency of fertiliser production, an industry responsible for approximately two per cent of global CO2 emissions.

Additionally, it promises advancements in battery efficiency, a critical component in combating climate change.

 "I think most people are more familiar with exponential after COVID, so we know how quickly something exponential can spread," Campbell remarked from Riverlane's testing lab, filled with oscilloscopes and chipboards.

Currently, quantum computers can only perform around 1,000 operations before errors become overwhelming. However, the quality of the components has "got to the point where the physical qubits are good enough," Brierley said.

"So this is a super exciting time. The challenge now is to scale up... and to add error correction into the systems," he added.

 This progress, coupled with quantum computing's potential to break all existing cryptography and create powerful new materials, is prompting regulatory action.

"There's a scrambling to understand what's coming next in technology. It's really important that we learn the lessons from AI, to not be surprised by the technology and think early about what those implications are going to be," Brierley said.

"I think there will ultimately be regulation around quantum computing because it's such an important technology. And I think this is a technology where no government wants to come second."