UPDATE: Rideye cameras will now feature twice the video history— 2.5 hours instead of the original 1.25 hours. The campaign is on track to hit quantities much higher than originally anticipated, which allows the purchase of components at a lower cost. All past and future pledges are eligible.

Cycling through heavy traffic just got a little less risky with Rideye camera surveillance, which documents bike accidents in HD, much like how black boxes are used to investigate the causes of airplane crashes.

As a mechanical engineer and avid bike rider, Cedric Bosch created Rideye to make cycling safer for everyone. After working on the project for the past year, Bosch launched a Kickstarter campaign this month to help move it into production. Initially, he became inspired to create Rideye after his best friend was seriously injured in a hit-and-run bike accident last year. Rideye's automatic video footage would identify hit-and-run drivers, and help prevent false claims.

"This is one of those products that people have been wanting for years, but nobody has made until now. People love to bike — it's an insanely popular sport — and biking to work is getting more and more popular each year. But everybody has this lingering fear that they'll get hit by a car, and the driver will drive away and never be found. Rideye solves that problem, and lets people ride with total peace of mind," Bosch told Mashable in an email.

Rideye' s bike-friendly features include a one-touch power button, 24-hour battery life and easy install on handlebars. If the camera is turned off at the time of a crash, accident-detection sensors will automatically begin to record, and once the camera's 4 GB internal memory or 1.25 hours of video time is filled, it will auto-delete the oldest content. With a USB plugin, camera footage can be saved to a computer.

As of Thursday, Rideye became one of the most popular Kickstarter technology projects. With over 150 Kickstarter backers, Bosch is enthusiastic that the campaign will exceed its $32,000 goal. A Rideye camera is now available for $99 to Kickstarter backers, although the retail price will eventually be $149. The campaign has until Oct. 10 to gain more supporters. Rideye plans to go into production this fall, and send shipments from November through December.

"At this point, I am targeting a new goal— $100,000 (three times the original). We have some great stretch goals that we will unveil halfway through the project," Bosch said.

Image: Cedric Bosch