(CNN) When Marty McFly arrived in 2015 in 'Back to the Future: Part II', hoverboards, self-lacing shoes and flying cars were the norm.

While the predictions made in the film might have been very optimistic -- self-lacing shoes might be a way off -- the introduction of flying cars might be closer than you think.

This comes after the launch of the 'Airspeeder Mark I,' a low altitude quadcopter aircraft from Australian start-up Alauda Racing.

Conceived and designed over two years by tech and space entrepreneur Matt Pearson, the electric powered Airspeeder will participate in a competitive racing league.

"We've merged an F1 car with a racing drone and turned it into something completely new," Pearson explained.

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