Insert Coin: Olloclip three-in-one lens for iPhone 4 (video)

In Insert Coin, we look at an exciting new tech project that requires funding before it can hit production. If you'd like to pitch a project, please send us a tip with "Insert Coin" as the subject line.

We typically prefer to mount our macro, wide-angle, and fisheye lenses directly on a DSLR, but lugging around a pro-level kit isn't always an option. The olloclip adds some flexibility to your iPhone 4's camera, complimenting the built-in lens with a three-in-one optic that clips onto the phone and can be stored in your bag or pocket when not in use. The attachment includes three lenses: a 180-degree fisheye on one side, a wide-angle lens on the other, and a 10x macro that's revealed after unscrewing the top of the wide-angle. Based on the intro video, the wide lens appears to have some rather significant barrel distortion, so we hope inventor Patrick O'Neill and designer Chong Pak are able to work that out before this hits production. A $45 pledge to this Kickstarter includes one olloclip, which you're getting at a 25 percent discount. Lenses should ship 4 weeks after the project hits its $15,000 funding goal -- if it does hit that goal -- and are expected to retail for $60.