The high-tech recumbent bike developed by students from TU Delft and VU University Amsterdam reached that speed on a timed 220-yard stretch of straight road with a 5-mile run-up.
The team spent the six days trying to break the existing world record at the 2013 Battle Mountain World Human Powered Speed Challenge held in Nevada.
"We knew that both the technical and human aspects were right today: it is highly gratifying that the potential for success ultimately became reality, even though we faced a pretty strong headwind," team leader Wouter Lion said.
Students from VU University were responsible for choosing the best cyclist and the most appropriate preparations and racing strategy, while Delft student designed the bike, dubbed VeloX3, a recumbent bike with a shell with extremely low air resistance.
The VeloX3 broke the existing record, held by Canadian Sam Whittingham, by 0.37 mph.