With cybercrimes and identity theft on the rise, Chris Gilpin wanted to make a difference. SignalVault is a card that blocks signals from RFID scanners, which can steal your personal information, card numbers, and more. Chris wanted an investment of $200,000 for 12.5% equity in his company. In our SignalVault update, we’ll recap how the show went and how the company is doing now.
Shark Tank SignalVault Update
- Entrepreneur: Chris Gilpin
- Business: RFID scanner jammer to protect personal information
- Ask: $200,000 for 12.5% equity
- Result: $200,000 for 25% equity
- Shark: Robert Herjavec and Lori Greiner
Chris is a cybersecurity expert. This product, the SignalVault, is a card that you can slide right into your wallet with your other cards. The chip inside the card blocks RFID readers from being able to grab your personal information. He says that in some cases, thieves are able to steal your card number, security codes, and more just from passing you in the grocery store.
RFID Blocking Signal Vault Credit & Debit Card Protector (2 Cards)
The SignalVault costs $14.99 retail and only costs Chris $0.75 to make. Over nearly two years in business, Chris had $300,000 in sales and 45,000 units sold. He invested in the business with $1 from a lottery ticket, and made the product from there.
Kevin O’Leary offered $200,000 for 20% after the pitch. He said that he’d add credibility to the brand. Lori Greiner mentioned that she could sell it on QVC, and makes an undercutting offer: $200,000 for 18% equity.
On the other hand, Guest shark Ashon Kutcher thought that SignalVault’s competitors had too much of the market, so he dropped out. Mark Cuban thought Chris should take Kevin’s offer, and dropped out too.
Robert Herjavec made an offer, too: $200,000 for 15%. He thought the product had potential as a big security investment. In response, Chris asked if Robert and Lori would like to work together. They settled on a deal of $200,000 for 25%, and Chris got both sharks on board. Let’s check in with the company in our SignalVault update.
SignalVault had an update segment in a later episode in Season 7, showing huge progress after only a few months. In the SignalVault update, Chris revealed that they sold out in 8 minutes on QVC following the original air date. In those few months, he hired more staff and did $2 million in sales. The business is still operational in 2022, with annual sales of more than $5 million. The future looks bright for this company and we look forward to the next SignalVault update.
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!