Splikity Update

Splikity Update | Shark Tank Season 7

ByAndrew Smith

Chad and Doug Clark struggled with the hassle of remembering passwords while managing multiple online accounts. They often found themselves locked out or reusing weak passwords, which made their information vulnerable to hackers. To solve this, they created Splikity, an app that safely stores passwords, creates strong ones, and syncs them across devices. Would their vision convince the sharks to invest? Let’s dive into our Splikity update and pitch recap to find out.

If you’re short on time, here’s a quick overview of what happened to Splikity after Shark Tank.

Chad and Doug entered Shark Tank Season 7, seeking $200,000 for 20% equity in their password management software company, Splikity. After their pitch, they left without securing a deal.

In terms of a Splikity update, the company failed to capitalize on its Shark Tank exposure, as the app saw little demand after airing.

SharkResult
Kevin O’Leary $300,000  as venture debt  for 10% equity
Lori Greiner No offer
Mark CubanNo offer
Barbara CorcoranNo offer
Robert HerjavecNo offer

Shark tank Splikity Pitch

Shark Tank Splikity Update
  • Entrepreneurs: Chad Clark and Doug Clark
  • Business: Password management software synced across your devices
  • Ask: $200,000 for 20% equity
  • Result: No deal
  • Shark: None

Chad and Doug began their pitch by highlighting how Splikity securely stores and syncs passwords across devices.

The brothers were seeking an investment to expand their reach and improve their software’s accessibility.

Splikity is a password management app created in 2013 to enhance online security. It generates, stores, and updates strong, unique passwords across devices.

The app is user-friendly, offering features like auto-fill, password organization, and secure notes for sensitive data.

With 256-bit AES encryption, two-factor authentication, and no master password storage, it prioritizes security.

Users can choose between free or paid plans for additional features like unlimited storage and password strength reports.

Their software was supposed to work across all of your devices for a low monthly fee.

Users would pay $4.99 a month or $49.99 a year for the convenience of storage, password encryption, and more.

However, Mark Cuban and Robert Herjavec, both with strong cybersecurity backgrounds, quickly raised concerns.

Mark asked about the app’s development and security expertise. Chad and Doug admitted they had no formal technology or security background, which led Mark to immediately drop out.

Robert became frustrated with their vague responses, emphasizing that cybersecurity is not a field where answers should be unclear.

When Lori Greiner commented that Splikity’s simplicity made it appealing which would be great for women, Robert found the whole thing ridiculous.

He told Lori that technology wasn’t a gender specific issue, and the tension in the tank ramped up another notch.

Despite reporting $55,000 in revenue in the month before filming and claiming to have a major security company interested, the brothers refused to disclose the company’s name.

This lack of transparency made the sharks uneasy, and one by one, they dropped out.

Kevin O’Leary was the last shark. He offered $300,000 as venture debt in exchange for 10% equity, but the brothers declined.

Without another offer on the table, they left without a deal.

How’s the company doing now? Find out in our Splikity update.

Shark Tank Splikity Update

Our Splikity update found that after airing, the app didn’t experience the Shark Tank effect.

The app remained available on the iOS App Store, but user interest was minimal, with only a handful of reviews.

By 2019, Splikity had fewer than 1,000 downloads, and the company’s social media presence became inactive.

As of today, the Splikity website is still functional, but the company has little to no visibility.

The app’s reviews remain poor, with users complaining about technical issues and the lack of a free trial.

If the company makes a big comeback, we’ll be sure to add to our Splikity update.

What about the other products featured in Season 7 Episode 2? You can find our company updates for the rest of the episode below.

Before you go, be sure to check out our list of all the Shark Tank Season 7 products.

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Andrew is a lifelong fan of Shark Tank and an entrepreneur at heart. He started Shark Tank Recap because he wanted a single place to track what happens to the companies, founders, and deals after they air on TV. With a sharp eye for business insights and a passion for all things Shark Tank, Andrew makes sure every recap is accurate, engaging, and fun.