CHICAGO (CBS) — Some young Chicago businessmen have developed a device that lets bicycle owners know when someone is trying to steal their ride.

WBBM Newsradio’s Mike Krauser reports the device is called the BikeSpike, and it’s designed to make it easier to find a bicycle when it’s stolen, by showing its location on a map on your computer or smart phone.

It contains GPS and cellular technology, and affixes to the frame of a bike to track its location.

A team of Chicago entrepreneurs called “Three Man Rocket” explain how it works in their online ads.

“As soon as someone tampers with your bike, the BikeSpike will send an alert to your phone and email,” the ad says.

It can also use its GPS technology and an accelerometer to notify specific contacts about a crash.

The developers have been trying to raise funds on Kickstarter, in an effort to launch the product by October.

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