SignalVault

Entrepreneur Chris Gilpin pitches SignalVault to the Sharks in episode 701 – the season seven premier of Shark Tank. Signal Vault bills itself as a way to protect yourself from getting your credit or debit card data stolen by thieves who use RFID scanners to read data on RFID (Radio Frequency Identification) chips embedded into the new generation of “smart cards.” New credit and debit cards have these chips inside them and thieves use scanners to read card data in any public place (like the mall) without the victim ever knowing their data is being stolen.

Gilpin started the business with winnings from a $1 lottery scratch ticket back in 2013 and gained instant “expert status” when the now-famous Target credit card data breach was made public. He was in big demand as news shows and other media sought his opinion and advice about how to avoid such data breaches. There are other devices that people can use – such as wallets or sleeves for their credit cards that block radio frequencies. Tin foil works in a pinch, too. Some people will even go so far as to disable the chip in their cards by drilling a hole through the chip.

As a result of the new-found awareness of this problem, he sold over 50,000 SignalVault cards. The Signal Vault is the size of a credit card. It fits in a purse or wallet and effectively jams the signal on an RFID scanner a thief could be using for unscrupulous purposes. This solution is a more high tech version of RFID blocking devices and there are other products in development – called RFID garbling devices – that do the same thing. The SignalVault sells for fifteen bucks on Amazon.

Will Mr. Gilpin get a Shark on the same frequency and get an investment?

SignalVault Shark Tank Recap

Chris enters the Tank seeking 200K for 12% of his business. He explains how hackers scan card chips with RFID readers and SignalVault, unlike his competitors, doesn’t need charging or batteries. He hands out samples and says he’s sold 45K units for $14.95 and they cost 45 cents to make. Next, he explains he invested $1 in the business and he tells the lottery story.

With over $8 Billion in fraud losses each year, Signal Vault is a good solution. Mr. Wonderful agrees, but he thinks you need a credible brand. He offers $200K for 20% and says he’ll endorse the product. Lori says she can sell it on QVC and offers $200K for 18%. Ashton thinks Signal Vault’s competitor has too much market share; he’s out. Mark tells Chris to take Kevin’s offer, he’s out too. Kevin says he’s the logical partner because SignalVault is tied to financial services.

Robert says he’ll make an offer before a break comes in with $200k for 15%. He thinks he can make it a big security product. Kevin says Robert is more credible than Lori and she takes offense. Mr. Wonderful thinks he is credible, too. Lori thinks it’s so simple anyone can sell it

Chris says he’d like Robert and Lori to work together at $250K for 18%. Robert shakes his head and Lori says he needs to give more. Chris goes to $200K for 25% and the deal is done!

RESULT: DEAL with Lori and Robert for $200K for 25%

SignalVault Shark Tank Update

The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The day after Signal Vault aired, Chris was on QVC with Lori and they sold out in 8 minutes. SignalVault is well on its way!

Signal Vault is featured in an update segment in episode 717, just 5 months after the original air date.

In the update, Chris says SignalVault sold 4800 units on QVC and sold out in 8 minutes! Since Shark Tank, he’s done over $2 million in sales and hired 12 people. Robert’s team was a big help with SEO and “juicing up” the website. Chris is expecting his second child. The Shark Tank gave him confidence that he’ll be able to provide for his young family.

As of January, 2023, the company is still in business and Chris’ net worth is $4-5 million. Annual revenue is around $1 million