The Veloloop is a contraption that allows your bicycle to set off road-embedded traffic sensors. If you commute by bicycle, chances are you've experienced the frustration of being the only vehicle at a controlled intersection but not getting a green light because the traffic sensors don't detect your bicycle. The Veloloop solves this very problem.
Traffic sensors work by forming an electromagnetic field in the surface layer; this allows traffic signal controllers to detect large metal objects (cars). The Veloloop emits its own signal to affect the sensor's magnetic field.
The Veloloop's developers, who are based in California, are running a Kickstarter campaign to raise funds for its production and distribution. A pledge of $99 will secure you a unit if and when the campaign hits its fundraising target.