SignalVault Shark Tank Net Worth 2023
SignalVault is a company that markets itself as a solution to safeguard credit or debit card data from hackers. Chris Gilpin, the founder of SignalVault, appeared on Shark Tank in 2015 seeking an investment of $200,000 for 12.5% equity in his business.
He left the show with an investment from Lori Greiner and Robert Herjavec of $200,000 for a 25% stake in SignalVault. After appearing on QVC, SignalVault sold more than 300,000 cards in less than eight minutes.
According to Networthpost.org, Chris Gilpin’s net worth is $4 million as of 2023.
The valuation of SignalVault was $1.6 million when it appeared on Shark Tank and has since increased to $3.2 million as of 2022. In the 14 months following his Shark Tank appearance, Chris says SignalVault generated over $3.2 million in revenue and is available in stores like Staples and Bed Bath & Beyond.
As of 2022, SignalVault continues to be in business with an estimated 15 employees and a revenue of $662,000.
Chris expanded his business by hiring 12 new employees and expanding their office space after appearing on Shark Tank.
Lori Greiner helped with sales and packaging while Robert Herjavec helped with spreading awareness, website creation, and SEO. According to reviews from customers today, they appear pleased with their products.
What Is SignalVault? Who Is The Founder Of SignalVault?
SignalVault is a tool designed to protect credit and debit cards from being scanned remotely, providing a solution to protect against crowd-hacking attacks. Chris Gilpin, the founder of SignalVault, established the company in 2013 using the funds he received from a lottery ticket.
SignalVault promotes itself as a means to safeguard against credit and debit card information theft by fraudsters who use RFID scanners to extract data from RFID chips found in the latest smart cards.
These chips are present in new credit and debit cards, and thieves can easily scan the data using scanners placed in public areas such as shopping malls, without the victim’s knowledge.
In 2013, SignalVault was founded and operated by Chris Gilpin. He came up with the idea of the E-field credit card cover, which uses advanced technology to safeguard your personal data from hackers.
Chris Gilpin became a sought-after expert as news programs and other media outlets sought his advice on how to prevent similar data breaches.
To protect themselves from potential cyber attacks, consumers have access to various gadgets like wallets or credit card covers that block wireless signals. In a pinch, tin foil can also be used.
Some people may even resort to cutting a hole through the chip on their cards to deactivate it. Due to his newfound knowledge of the situation, Chris Gilpin was able to sell over 50,000 SignalVault cards.
The SignalVault is about the size of a credit card and can easily fit into a handbag or wallet. It is designed to jam the signal of an RFID scanner that a burglar may be using for malicious purposes.
This technology is a more advanced form of RFID blocking devices, and there are other RFID garbling devices being developed that can do the same thing. The SignalVault can be purchased on Amazon for $15.
What Happened To SignalVault At Shark Tank Pitch?
During the season 7 premiere of Shark Tank, entrepreneur Chris Gilpin introduces his product SignalVault to the Sharks in hopes of gaining assistance with marketing and distribution. He offers a 12.5% stake in his company, valued at $1.6 million, in exchange for $200,000.
Chris explains how RFID scanners can be used by hackers to scan card chips and highlights SignalVault’s unique selling point of not requiring charging or batteries. He reveals that he has sold 45,000 units at $14.95 each, with a production cost of only 45 cents per unit. He also shares that he invested $1 into the company and tells a lottery story.
The Sharks express interest in the product, with Mr. Wonderful agreeing that SignalVault is a good solution for the over $8 billion in fraud losses each year. However, he feels that a reputable brand is necessary and offers $200,000 for 20% equity with an endorsement promise.
Lori offers $200,000 for 18% equity and believes she can sell it on QVC. Ashton opts out, feeling that SignalVault’s competition has too much market share.
Mark advises Chris to accept Kevin’s offer since he is also exiting the deal. Kevin sees the potential partnership as logical because SignalVault is associated with financial services.
Robert makes an offer of $200,000 for 15% equity shares before a break is taken, expressing his belief that he can turn SignalVault into a major security product.
After the break, Lori takes offense to Kevin’s claim that Robert is more believable than her, stating that SignalVault is so simple that anyone can sell it.
Chris proposes that Robert and Lori collaborate for $250,000 in exchange for 18% equity shares, but Lori tells Robert that he needs to contribute more. Ultimately, Chris accepts Lori’s offer of $200,000 for 25% equity shares, and a deal is struck with two Sharks.
What Happened To SignalVault After Shark Tank?
After the initial airing of Signal Vault, Chris made an appearance on QVC with Lori the following day, and their entire stock sold out in just eight minutes. SignalVault quickly gained momentum, and just five months after its first appearance on Shark Tank, it was featured in an update segment in episode 717.
During the update, Chris shared that SignalVault had sold 4800 units on QVC, generating over $2 million in sales and creating job opportunities for 12 employees. Robert’s team had also provided valuable assistance in improving the company’s website through search engine optimization.
As of December 2021, SignalVault was still in operation with a net worth estimated to be between $4 and $5 million.
Competitors of SignalVault
SignalVault has a primary competitor like RFIDsafe.
Net Worth of SignalVault
The company was valued at $1.6 million during the pitch, after the investment done by Lori and Robert the company valued at $600,000. In 2021 the company has a net worth of over $4 million.
SignalVault FAQs
What is SignalVault?
SignalVault (CVAY) is a new company that has created a product called “SignalVault” which is a smart card generator that protects information.
Who is the founder?
SignalVault was founded by one person, his name is Chris Gilpin.
How much was seeking on Shark Tank?
Chris was seeking for $200,000 for 12.5% stake of his company.
Did he have the deal?
Yes, Chris did have the deal with Lori and Robert.
How much was the deal?
They offered $200,000 for 25% ownership of the company.
Is SignalVault still in business?
SignalVault is still in business as of December 2021.
Is SignalVault a good product?
The product is very good because it is only $15 and it works very well in protecting your credit cards from hackers.
Are there negative reviews about SignalVault?
There are a few negative reviews about SignalVault but the majority of them are positive reviews that give these product 4.1 stars out of 5.
How effective is SignalVault?
SignalVault has a high success rate in blocking hackers’ signals.
How much has the business grown after Shark Tank?
After appearing on Shark Tank, SignalVault has grown very quickly and it is still growing.
How much does it cost?
Signal Vault costs $11.95; it is available on Amazon marketplace.
Do I remove the SignalVault from its plastic wrapper?
Yes. The plastic wrapping is used to protect the wallet from damages during delivery and should be removed before inserting it into the wallet.
Has an independent laboratory evaluated the SignalVault?
Yes. Qualtest, Inc., now part of N.T.S., tested the SignalVault in their Electromagnetic Interference Chamber.
The SignalVault efficiently secures credit and debit card information against unwanted attempts to collect personal information, according to testing.
Is it enough to have one SignalVault for my full wallet?
The SignalVault was created to be useful, simple to use, and to preserve a regular men’s bifold wallet and all of the cards stored therein. They recommend putting two devices in a normal women’s wallet because they are often longer than men’s wallets.
What version of the SignalVault is currently on the market?
All authorized SignalVault Resellers are presently selling the third edition. The third edition was published on September 25, 2015, to coincide with SignalVault’s debut on Shark Tank.
This version will have Dual Protection, allowing it to preserve passport cards as well as the new Enhanced Driver’s License (EDL) issued as part of the Western Hemisphere Travel Initiative.
How long can the SignalVault are used?
With regular wear and tear, the SignalVault will last three years. The microchip in the SignalVault is rated at 100,000 protection cycles, which is akin to a hacker attempting to steal personal information 10 times each day for 25 years.
Will the SignalVault function after passing through an airport or a courthouse?
Yes. Scanners and x-rays used at airports and courthouses will not harm the SignalVault.
Is it necessary to place in one of the Passport Vault slots to safeguard my passport?
No, the whole Passport Vault is protected with the RF-Block material, which protects the passport as well as any cards stored within the travel organizer.
Is it possible to get the SignalVault personalized with my business item?
Yes. Please contact them at 386-218-0555 or [email protected] to begin customizing their custom order.
What is the net worth of Chris Gilpin?
Chris Gilpin net worth is estimated at $1.5 Million.
