A Canadian company called CycleLabs is bringing the kind of high-tech navigation systems seen in today's cars to the bicycle industry. Their device – called SmartHalo – is teamed with an app and enables cyclists to navigate their routes, improve performance and stay safe.

The circular device is attached to a bicycle's handle bar where it provides turn-by-turn directions. It is connected to a mobile phone through Bluetooth. Using an app, bikers simply enter their destination and the device then provides directions through corresponding light signals. For instance, green lights flashing on either side of the device means to take left or right turns and a red semi-circle at the bottom warn riders to make U-turns.

The SmartHalo solution eliminates the need for bikers to constantly check their smartphones or smart watches, which can potentially be dangerous because it draws riders' eyes off the road, Mashable noted.

SmartHalo automatically powers up when it detects motion. "When the user is away, SmartHalo is in deep sleep mode. As soon as the user grabs his bike, the device wakes up, thanks to an internal sensor," CycleLabs told Dezeen. The sensor also prevents theft by emitting a noise when it detects tampering. It is also smart enough to light up the front headlamp when it detects darkness.

The app also provides cyclists with a way to track their bikes - should they forget where they parked their bike or if it is stolen. The device can also be activated as a fitness tool, capable of measuring distances traveled, speed and even calories burned.

CycleLabs expects to release the device in May next year and it could retail at $149, Fortune learned. The tech company is currently raising funds on Kickstarter and has already surpassed its $50,000 target.