SignalVault Shark Tank Update | What Happened to SignalVault after Shark Tank?
What is SignalVault?
SignalVault is a credit card protector that prevents them from being remotely scanned; it is a solution to crowd-hacking assaults on credit and debit cards. Chris Gilpin is the company founder; he founded SignalVault in 2013 using the proceeds from a lottery ticket.
Signal Vault touts itself as a solution to prevent you from having your credit or debit card information stolen by fraudsters who use RFID scanners to access data from RFID (Radio Frequency Identification) chips contained in the latest generation of smart cards.
New credit and debit cards have these chips, and criminals utilize scanners to read card data in any public area (such as the mall) without the victim being aware that their data is being taken.
Who is the founder of SignalVault?
Chris Gilpin founded and operated SignalVault In 2013. Chris came up with the idea for the E-field credit card cover. This technology allows you to protect your data from hackers.
He was in high demand as news programs and other media outlets sought his advice on how to avoid similar data breaches.
There are various gadgets that consumers may employ, such as wallets or credit card covers that block wireless signals. Tin foil is also useful in a pinch.
Some people will even go so far as to cut a hole through the chip in their cards to deactivate the chip. He sold over 50,000 SignalVault cards as a result of his newfound knowledge of the situation.
The Signal Vault is around the size of a credit card. It is small enough to slip in a handbag or wallet and successfully jams the signal on an RFID scanner that a burglar may be utilizing for unethical motives.
This approach is a more advanced form of RFID blocking devices, and there are additional RFID garbling devices in development that achieve the same thing. The SignalVault is available on Amazon for $15.
What Happened to SignalVault at Shark Tank pitch?
In episode 1 of the seasons 7 premiere of Shark Tank, entrepreneur Chris Gilpin presents SignalVault to the Sharks for assistance in marketing and distribution of the product.
Chris joins the Tank looking for 200,000 in exchange for a 12.5% stake in his company, which is valued at $1.6 million.
He describes how RFID scanners are used by hackers to scan card chips, and how SignalVault, unlike his competitors, does not require charging or batteries.
He gives out samples and claims to have sold 45,000 units for $14.95, with each unit costing 45 cents to create. Following that, he reveals that he put $1 in the company and narrates the lottery story.
SignalVault is a good solution with over $8 billion in fraud losses per year. Mr. Wonderful agrees, but he believes he requires a reputable brand. He offers $200,000 for 20% equity shares and promises to endorse the product.
Lori claims she can sell it on QVC and offers $200,000 for 18% equity shares. Ashton believes SignalVault’s competition has too much market share, therefore he goes out.
Mark encourages Chris to accept Kevin’s offer since he exiting the deal as well. Kevin believes he is the logical partner because SignalVault is associated with financial services.
Robert says he’ll make an offer of $200,000 for 15% equity shares before a break comes in. He believes he can turn it into a major security product.
Lori takes offense when Kevin claims Robert is more believable than her. Mr. Wonderful believes he is credible as well. Lori believes it is so simple that anyone can sell it.
Chris suggests that Robert and Lori collaborate for $250,000 in exchange for 18% equity shares. Lori tells Robert that he needs to contribute more and Robert shakes his head.
Chris offers $200,000 for 25% equity shares, and the transaction is sealed! Chris finally exited the pitch with a deal from two Sharks.
What Happened to SignalVault after Shark Tank?
Chris appeared on QVC with Lori the day after Signal Vault aired, and they sold out in 8 minutes. SignalVault is almost there.
The deal with Chris, Robert and Lori was closed. SignalVault is mentioned in an update section in episode 717, only 5 months after it first aired.
Chris reports in the update that SignalVault began selling 4800 units on QVC and sold out in 8 minutes! He’s made over $2 million in sales and employed 12 employees since appearing on Shark Tank.
Robert’s team was quite helpful in terms of SEO and “juicing up” the website. The corporation is still in operation as of December 2021, with a net value of $4-5 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.
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.