The Halfbike by Kolelinia features pedals like a bicycle that the user balances on while holding on to a single waist-height handlebar in an upright stance.
The pedals are connected to a large front wheel by a chain that drives the Halfbike forward, while two smaller wheels at the back provide a stable base and a brake on the joystick-like handlebar is used to slow down.
The motion of pedalling results in an experience similar to low-impact running, while the upright riding position provides good visibility.
"Its combination of cycling and smooth assisted running provides a remarkably quick and fun way of urban travel," said the designers. "Its innovative rider position, at the same time both upright and higher, gives you a new perspective on the city."
The user steers the Halfbike by leaning to either side, which shifts the balance between the front wheel and the rear axle.
Kolelinia said the Halfbike was designed for commuting short distances and provides a compact alternative to a bicycle that is easy to carry or store.
"It is compact enough for an elevator, light enough to carry on stairs, and fits into spaces too small for a normal bicycle," the designers explained.
A handlebar made from plywood is fixed to the laser-cut aluminium frame, which is currently white but will eventually be available in six additional colours.
"We see the Halfbike as an alternative for people tired of sitting in traffic jams, which at the same time improves their experience of travel," the designers added.
Prices for the Halfbike start from $799. Kolelinia founders Martin Angelov and Mihail Klenov have launched a Kickstarter campaign to raise funds for the first batch of production.
Designer: Jungu Lee