A new smart lock, LOCK8, which alerts owners when someone is trying to steal a bike, has been released.

The smart lock, which can be locked using Android and iOS devices, comes with Bluetooth technology and sensors to detect thieves.

Lock8, which works on 95% of bikes, is installed into the bike, sending a text to the owner or setting or an alarm when a theft is taking place.

Even if the thief manages to escape with the bike, users can find where it has ended up with the help of GPS and GMS technology.

The device also has a smart cable and motion sensors to detect bolt-cutters, an accelerometer that can detect drills and temperature sensors if a thief uses a blowtorch.

Bikers can also rent out their bikes to their friends or others registered users on the service, with Lock8 keeping 10% commission for rentals.

The smart lock costs £110 and is now available for preorders. If you know someone with an expensive bike, it might be a good Christmas present. Would you buy it?