London based aircraft company 'XploreAir' has just launched a kickstarter project targeting £50,000 to finalize the design of 'Paravelo' which is the world's first flying bicycle. Paravelo is a conventional two-wheeled bike that transforms into an easy-to-operate aircraft requiring no licence to fly and capable of altitudes of up to 4,000ft. 'Paravelo' is a ridable aircraft that travels at 15mph on land and 25mph in the air. At the heart of the design is a bicycle that tows a lightweight trailer carrying a powerful fan. In order to fly, the bike docks with its trailer, a flexible wing is unfurled and an electric starter motor fires up the biofuel-powered fan.