03/29/2013 05:42 pm ET

Chicago Entrepreneurs Raising Money For Bike Theft Tracking Device

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.

Read more on CBS Chicago