According to the company, the pedallers sit side by side in the small craft, made predominately from special acrylic glass. Apart from two sets of pedals, controls are limited to a steering wheel and a few buttons to make operating the submarine as simple as possible.
At 11ft long and 6ft 6in wide it is possible to transport the craft on the back of a car trailer. MIT will also offer a model with a low-power electric drive unit as well.
MIT, based in St Petersburg, says the vehicle boasts a high degree of manoeuvrability and can go forwards, backwards, up and down, hover and rotate about its vertical axis. It even features a safety automatic system to release ballast for surfacing in an emergency.
The sub is expected to cost £50,000 pounds although prices could drop to around £15,000 for bulk buyers.
MIT expect to sell to private buyers as well as companies hiring out the subs to tourists in popular resorts.