By Jean-Paul Salamanca (staff@latinospost.com) | First Posted: Jan 11, 2013 11:52 PM EST

Tired of losing your iPhone? Or worse, have you had to replace it because you lost it?

A new device straight from Europe could be the solution to that problem for millions of iPhone users.

Danny van der Poel of Denmark debuted the new device known as HipKey this week at the 2013 Consumer Electronics Show. The new device, roughly the size of a quarter, is supposed to help iPhone users prevent losing their iPhones or accidentally leave them behind.

As MacRumors notes, the portable iPhone tracker was already released for sale in the European Online Apple Store last month, and quantities of the new device sold out quickly.

The way it works is simple. Due to its portable size, the HipKey can attach itself to even a keychain of an iPhone owner or another personal item. It can pair with an iPhone and can track the iPhone from between distances at three settings-small (2 to 5m) medium (15 to 20m) and long (30 to 50m).

If the phone is left behind, it alerts the owner by triggering either a vibration or sound alarm.

"If you're leaving behind your phone in a café and you're walking out the door, the the HipKey, which you put on your key ring, will give you an alarm and remind you that you are about to forget your phone," van der Poel told USA Today.

But that's not all it does.

Featuring four additional modes, the HipKey helps track a number of other things. The HipKey's "alarm mode" would track one's iPhone or iPad if someone tries to steal it, while "child mode" could help parents, as it is used to track a child if they begin to wander off. The "in motion" mode protects one's bag or suitcase if someone attempts to move it, and finally, the "Find Me" mode could help locate anything from one's iPhone or iPad to even keys.

Only 50 millimeters in diameter with a thin 7-millimeter size, the HipKey runs on a rechargeable batter that takes four hours to recharge and lasts two to four weeks.

Video of how the HipKey works can be seen here: