The innovative new analogue GPS speedometer we featured on Cycling Weekly on Tuesday (April 5) has already smashed its $150,000 target on Kickstarter.

Over 300 people have backed the project, which is supported by Fabian Cancellara, with 200 people pledging $499 to get one of the first units when they hit production.

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It looks pretty cool, and something we’ve never seen sticking out the front of the bike before. It’s so cool that even style icon Cancellara has agreed to be brand ambassador.

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The OMATA One doesn’t just tell you how fast you’re going, though. It also shows distance, ascent and time – what the designers believe are the four core pieces of information a cyclist needs on a ride.

OMATA’s founders said: “Everything about your bike should be as pure, inspiring and beautiful as the ride itself. We are a team of ruthlessly dedicated and committed product makers who believe great design and meaningful products come more from what you leave out, rather than what you add in.”

While the system is analogue in design, the device will also record all of your information from the ride, which can then be uploaded to Strava (if you use it).

Launching on Kickstarter today (April 5), the device has already raised nearly $40,000 of its $150,000 goal as of 10.30 (GMT), so it’s well on its way to being fully funded.