What Happened to SignalVault After Shark Tank?
What is SignalVault?
SignalVault is a credit card protector that stops them from being remotely scanned; it is a solution to credit and debit card crowd-hacking attacks.
The company’s creator is Chris Gilpin, who launched SignalVault in 2013 using the profits from a lottery ticket.
Signal Vault bills itself as a solution for preventing credit or debit card information from being stolen by criminals who use RFID scanners to access data from RFID (Radio Frequency Identification) chips used in the newest generation of smart cards.
New credit and debit cards feature these chips, and fraudsters use scanners to read card data in any public location (such as a mall) without the victim’s knowledge.
Who is the man behind SignalVault?
Chris Gilpin established and ran SignalVault in 2013. Chris devised the concept for the E-field credit card cover. You may use this technology to secure your data from hackers.
He was in great demand as television shows and other media sources sought his advice on how to avoid similar data breaches in the future.
Consumers can use various devices to block wireless signals, such as wallets or credit card covers. Tin foil might also come in handy in a crisis.
To disable the chip on their cards, some users may even drill a hole through the chip. As a consequence of his increased understanding of the problem, he sold over 50,000 SignalVault cards.
The Signal Vault is around the size of a business card. It is tiny enough to fit in a purse or wallet and successfully jams the signal on an RFID scanner, which a thief may use for immoral purposes.
This method is a more complex sort of RFID blocking device, and there are other RFID garbling devices in development that accomplish the same thing. The SignalVault is available for $15 on Amazon.
What happened to SignalVault’s proposal on Shark Tank?
In the first episode of the seventh season of Shark Tank, entrepreneur Chris Gilpin pitches SignalVault to the Sharks for help with marketing and distribution.
Chris entered the Shark Tank in seeking 200,000 in return for a 12.5% stake in his firm, which worth $1.6 million.
He explains how RFID scanners are used by hackers to read card chips and how, unlike his competitors, SignalVault does not require charging or batteries.
He distributes samples and claims to have sold 45,000 units for $14.95 apiece, with each unit costing 45 cents to produce. Following that, he discloses that he invested $1 in the firm and tells the lottery story.
With over $8 billion in fraud losses every year, SignalVault is a solid answer. Mr. Wonderful agrees, but he feels he needs a well-known brand.
He offers $200,000 in exchange for 20% stock in the company and pledges to support the product.
Lori believes she can sell it on QVC and offers $200,000 in exchange for 18% equity shares.
Ashton feels SignalVault’s competitors have too much market share, so he exits.
Mark pushes Chris to accept Kevin’s offer because he also exiting the deal. Because SignalVault was affiliated with financial services, Kevin feels he is the logical partner.
Before the break, Robert says he’ll make a $200,000 offer for 15% equity shares. He believes he can commercialize it as a big security product.
Lori feels offended when Kevin believes Robert was more credible than she was.
Mr. Wonderful feels he was also credible. Lori feels it was so easy to market that anyone can do it.
Chris proposes that Robert and Lori work together for $250,000 in exchange for 18% equity shares. Lori suggests to Robert that he give more, and Robert shakes his head.
Chris makes an offer of $200,000 for 25% equity shares, and the deal was done! Chris was ultimately able to leave the pitch with a deal from two Sharks.
What Happened to SignalVault After Shark Tank?
The day after Signal Vault aired, Chris and Lori came on QVC, and they sold out in 8 minutes. SignalVault is nearly there! The deal with Chris, Robert, and Lori was completed. Only 5 months after it was aired, SignalVault is addressed in an update section in episode 717.
According to Chris’s update, SignalVault began selling 4800 units on QVC and sold out in 8 minutes! Since appearing on Shark Tank, he’s generated over $2 million in sales and hired 12 people.
Robert’s staff was really helpful with SEO and “juicing up” the website. As of December 2021, the corporation was still in existence, with a net worth of $4-5 million.
RFIDsafe is a primary competitor of SignalVault.
SignalVault’s Net Worth
During the pitch, the firm was valued at $1.6 million; following Lori and Robert’s investment, the company was valued at $600,000. The company has an estimate net worth of $4 million.
How SignalVault do?
The SignalVault cards work simply by placing the card between you and the scanner. The material on the sides of Engineered Materials’ Card Guards prevents scanners from reading the credit card information.
Card Guard wallets are made of nylon, which will protect the cards from those who want to read them from a distance.
What is SignalVault made of?
SignalVault is made of plastic and aluminum.
What is the material composition of SignalVault?
SignalVault Cards are made of high-performance plastic, which is generally more expensive than conventional plastics. The card also has protective Armour on the front side. SignalVault Cards also have an aluminum inner shield of 1.2 millimeters thickness.
How much does SignalVault cost?
The price for a pack of cards ranges from $15 to $25, depending on the quantity ordered.
How much does a SignalVault cost?
The SignalVault costs $15 on Amazon and the RFID-blocking Card Guard wallets are $19.95; the wallets have sleeves for seven cards.
Why do consumers need SignalVault?
Consumers doing anything with their credit cards can benefit from SignalVault blocking any interference. Consumers can either use their card as a credit card or a debit card in many different situations, such as making purchases in person and online.
How do I use SignalVault?
To use Signal Vault is super simple. The first thing to do is buy them. The next step is to find the right size and slide it on the wallet accordingly.
For more information, refer to the official website or visit Amazon.com to learn more about.
Is SignalVault safe?
Yes, SignalVault is a completely safe way of protecting your cards from RFID scanners.
How do I protect myself from RFID scans?
The simplest way to prevent yourself from being scanned is to use your own wallet or purse. This will prevent people from being able to read the information on the card without users realizing it.
SignalVault can only detect someone who doesn’t scan the information, and cannot detect a scanner that’s not pointed at them.
How can I buy Signal Vault?
The best way to purchase SignalVault Cards is through QVC, which is where it originally aired before Shark Tank. Amazon.com also sells the seven-card sleeves and 10-card sleeves. You can buy it at Walmart as well, but only in stores.
What is SignalVault guarantee?
There is no particular guarantee for SignalVault.
Dollar for dollar, the RFID blocking wallets are a better value than the credit-card size sleeves. Both work the same, but the wallet provides you with more protection.
What is SignalVault return policy?
According to their website, there is no return policy for SignalVault. It’s a one-time purchase that will be used on an as-needed basis.
Both Amazon and QVC have 30-day money back guarantees, so if customers don’t like it for any reason, they can return it within the first 30 days.