Startup Velo Labs has created a smart bike lock called Skylock, which has the ability to recognize its owner.

While appearing similar to a U-lock, Skylock includes a solar-powered rechargeable battery, keyless entry, crash and theft alerts, as well as Airbnb-style bike sharing, according to CNET.

"As a former engineer at Boeing, I have spent years working on tanks, helicopters and aircrafts, and while these forms of transportation have made huge leaps in safety and connectivity, the bike is still stuck in the 19th century," said Jack Al-Kahwati, co-founder of Velo Labs. "We wanted to take on the challenge of bringing cycling into the future."

The smart bike lock connects to a smartphone app through Bluetooth, giving users the ability to lock and unlock their bikes with their phones, Slate reported.

An accelerometer, which detects motion near the bike and can warn the owner if someone is trying to steal it, is also included.

The accelerometer can also alert emergency responders if it senses a severe impact while the rider is on the bike, CNET reported.

The solar-powered battery can last for a week after absorbing sunlinght for a mere hour. The company said that for most users, a completely charged battery lasts for a month.

Velo Labs started a crowdfunding campaign to raise $50,000 for Skylock, Slate reported.

The lock will retail for $249, and currently has a preview price of $159.

Skylock is not the first bike lock of its kind, with startup Mesh Motion introducing its keyless bike lock BitLock last October during the company's Kickstarter campaign. Like Skylock, BitLock works with Android and iOS apps through Bluetooth. Unlike Skylock, BitLock does not use Wi-Fi, and instead of using a solar battery, comes with a lithium battery, according to CNET.

Velo Labs is looking to begin shipping for Skylock by the end of the year.