What Happened To SignalVault After Shark Tank?

Shark Tank premiere episode 701 features entrepreneur Chris Gilpin was pitching SignalVault to the sharks. 

Signal Vault markets itself as a solution to safeguard your credit or debit card data from hackers who use RFID (Radio Frequency Identification) scanners to read data from RFID (Radio Frequency Identification) chips contained in the new generation of “smart cards.” 

New credit and debit cards contain these chips, and fraudsters can read card data in any public location (such as a mall) without the victim being aware.

Gilpin founded the business in 2013 with profits from a $1 lottery scratch ticket and acquired a rapid “expert” reputation following the public disclosure of the now-famous Target credit card data breach. 

He was in high demand, with news programs and other outlets seeking his opinion and recommendations on avoiding such data breaches. 

There are additional gadgets that consumers can employ to block radio frequencies, such as wallets or sleeves for their credit cards. 

Tinfoil can also be used in a pinch. Some people go as far as drilling a hole through the chip on their cards to disable it.

He sold over 50,000 SignalVault cards as a result of his newfound awareness of this issue. The Signal Vault is a credit card-sized device. 

It is small enough to put in a purse or wallet and successfully jams the signal from an RFID scanner that a burglar would use for nefarious purposes. 

This approach is a more sophisticated form of RFID blocking devices, and similar items – dubbed RFID garbling devices – are in development. The SignalVault is available on Amazon for fifteen dollars.

What is SignalVault?

SignVault is an anti-crowd-hacking system that defends against remote scanning of credit and debit cards; it prevents them from being stolen. SignalVault was founded by Chris Gilpin in 2013 with lottery winnings.

SignalVault Shark Tank Update
Company NameSignalVault
FounderChris Gilpin
ProductDebit and Credit Card RFID Protection Wallet
Investment Seeking$200,000 for 12.5% equity in SignalVault
Final Deal$200,000 for 25% equity in SignalVault
SharkLori and Robert
Business StatusIn Business
WebsiteVisit Website

Who is the Founder of SignalVault?

Chris Gilpin founded and led SignalVault in 2013. Chris invented the E-field credit card protector. This technology enables you to safeguard your data against hackers. 

It has since expanded its business to include manufacturing travel wallets, passport covers, and much more. 

As a specialist in mobile crime, Chris came up with the notion to reduce the chance of users being hacked by crowds. 

The first sales he made were on a show called QVC, where they sold 4800 cards in less than eight minutes and earned more than $300,000 in revenue.

SignalVault Before Shark Tank

Modern media appears to be wholly centered on fear. Fear is what motivates TV remotes and computer clicks, whether it’s stories of terrorist bloodshed, frequent updates on murder sprees, or doomsday stock market predictions. 

However, Chris Gilpin, the founder of SignalVault, may have uncovered a more subtle risk for the typical individual. 

The use of RFID (Radio Frequency Identification) scanners can allow identity thieves to obtain information about credit or debit cards. 

These scanners have improved to the point that they can operate at remote distances of up to twenty-five feet in recent years. 

You might not realize how much you’re depleting your balance until there is no recourse. A minimum of inconvenience is caused by identity theft. It can, however, be treated, just like a headache.

Gilpin identified SignalVault as the appropriate option. The device is unassuming in appearance, like a standard credit card. Of course, not everything is as it appears. 

The SignalVault disables RFID readers by transmitting at a higher frequency than credit and debit cards. 

The product can be easily used by sticking it in your wallet or pocketbook. This investment embodies a balance between simplicity and security that may appeal to investors. 

Gilpin requires funding to continue its research and development efforts. Additionally, an investment would be made in marketing to build his brand’s reliability. We’ll have to wait and see if the sharks embrace his novel concept.

How Was the Shark Tank Pitch of SignalVault?

Chris joins the Tank wanting $200K in exchange for a 12% stake in his firm. He describes how hackers use RFID scanners to scan card chips and how SignalVault, unlike his competitors, does not require charging or batteries. 

He distributes samples and claims to have sold 45,500 units for $14.95, each costing 45 cents to manufacture. Following that, he discusses how he invested $1 in the firm and recounts the lottery incident.

Chris Gilpin, following a demonstration of electronic pickpocketing at a security conference. Combining his lottery win, he developed this concept into a startup. 

This product utilizes E-field technology to protect Credit Cards and Debit Cards. Essentially, it generates a radiofrequency to interfere with incoming signals.

With over $8 billion in annual fraud losses, Signal Vault is an excellent option. Mr. Wonderful concurs but believes that you must first establish a respectable brand. 

He offers $200K in exchange for a 20% stake and states that he will support the product. Lori claims she can sell it on QVC for $200K at an 18% commission. 

Ashton believes Signal Vault’s competition has an unfair advantage in the market; he’s out. 

Mark advises Chris to accept Kevin’s offer; he, too, is out. Kevin asserts that he is the logical partner given SignalVault’s association with financial services.

The notion instantly captured the Sharks’ interest, and Lori and Robert agreed. Lori stated, “Yes, I will,” will you? Robert inquired without hesitation and agreed to join her in the transaction.

Robert says he’ll make an offer of $200k for 15% before a break arrives. He believes he can turn it into a significant security product. 

Kevin asserts that Robert is more credible than Lori, which she takes exception to. Mr. Wonderful believes he is also credible. Lori believes it is so straightforward that anyone can sell it.

Chris indicates that he would like Robert and Lori to collaborate on a $250K project for an 18% commission. Lori tells Robert he needs to contribute more. 

Robert shakes his head. Chris advances to $200K for a 25% commission, and the deal is complete!

Robert and Lori presented a 200,000 bid for a 25% stake in the company. Chris was thrilled and graciously accepted the offer.

The Shark Tank evaluations and blog provided the organization with the necessary marketing boost.

Final Deal with Lori and Robert for $200K at a 25% discount

What Happened To SignalVault After Shark Tank?

Chris increased his company’s workforce by hiring 12 new employees and expanding their office following their appearance on QVC, where they sold more than 300,000 cards in less than eight minutes. 

Lori and Robert from Shark Tank aided in numerous ways, with Lori assisting with sales and packaging, and Robert is assisting with awareness-raising, website design, and SEO.

Both Sharks made significant contributions to SIGNAL VAULT’s progress.

SignalVault’s first success was accompanied by mixed reviews regarding its RFID blocking technology. 

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The ID Stronghold of one of the top competitors demonstrated failed tests with prior versions of SignalVault. This resulted in a problem in which false advertising was utilized to undermine SignalVault.

SignalVault responded quickly with an updated version that includes a certificate attesting to its effectiveness. Today’s customer reviews tend to be positive about their merchandise.

Chris says SignalVault has generated more than $3.2 million in revenue in the 14 months following his Shark Tank debut and is available in stores like Staples and Bed, Bath, and Beyond.

Chris’s net worth is estimated to be between $4 and $5 million in 2021.

What is the Valuation of SignalVault?

The SignalVault’s value has climbed from $800,000 to $3.2 million by 2021.

Chris says SignalVault has generated more than $3.2 million in revenue in the 14 months following his Shark Tank debut and is available in stores like Staples and Bed, Bath, and Beyond.

Who is the Investor of SignalVault?

Lori and Robert from Shark Tank are investors in SignalVault. J.C. Penney. 

Her relationship with J.C. Greiner developed her business through the Home Shopping Network and Bed, Bath, and Beyond. Greiner invented and patented a plastic earring organizer in 1996. She founded Clever & Unique Creations in 2000.

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Herjavec developed BRAK Systems, a Canadian integrator of Internet security software, and sold it in 2000 for $30.2 million to AT&T Canada (now Allstream Inc.).

In 2003, he launched The Herjavec Group, which has grown to become one of Canada’s leading information technology and computer security companies, with annual revenue exceeding $200 million.

Is SignalVault Still in Business?

SignalVault’s RFID blocking card product line has expanded to include wallets and other security items. 

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Today, SignalVault faces stiff competition from a broader range of companies fighting for a piece of the RFID protection market. 

Yet, the company continues to operate with an estimated ten employees and a revenue of $662,000. SignalVault has grown and remained profitable following the Shark Tank show.

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