If you are an extensive digital user, chances are that you are aware of the concerns that come with cybercrimes and identity thefts. This is where SignalVault’s business model comes into play.
Founder Chris Gilpin wanted to make a difference with his business, Signal Vault, which is an RFID scanner jammer, designed to protect people’s identity against such crimes on the internet. This was designed to prevent people’s card information and other vital information from getting leaked.
With how unique the company’s feature was, SignalVault managed to attract the audience’s attention. We will take a look into their current business state now.
Shark Tank SignalVault Update
- Entrepreneur – Chris Gilpin
- Business – RFID scanner jammer
- Ask – $200,000 for 12.5%
- Result – $200,000 for 25%
- Sharks – Robert Herjavec and Lori Greiner
Chris, being a cybersecurity expert, knows about the risks that prevail surrounding the digital world. That’s when he developed SignalVault, a card that slides right inside the wallet. The card has an RFID jammer, which detects any potential RFID readers in the surroundings and blocks them from getting access to the user’s personal information.
With how advanced people are getting with their tricks using technology, it isn’t surprising that even modern thieves are making use of RFID readers to steal people’s card numbers and even security codes, without people getting an idea about it.
To counteract this issue, Chris developed the RFID jammer. Not only is the technology pretty impressive, but the retail price of the product is $14.99 and it costs Chris only $0.75 to manufacture it, leaving him with an extensive profit margin.
By the time Chris came on Shark Tank, he had already sold 45,000+ units and made over $300,000 in revenue. Seeing how amazing the business model was, all the sharks were interested in making a deal.
Kevin O’Leary was the first one to make an offer of $200,000 for 20% equity. Lori offered $200,000 for 18% and even assured Chris that he could sell the product on QVC.
Mark Cuban and Ashton Kutcher, despite their interest in the business, decided to drop out. Mark also advised Chris to accept Kevin’s offer because he could help him scale the business in the relevant industry.
Later, Robert offered $200,000 for 15% equity. With all the offers on the table, Chris asked Robert and Lori if they would collaborate and finalize the deal at $200,000 for 25% equity.
Following the episode on Shark Tank, Signal Vault went out of stock within 8 minutes on QVC, leading to a record-breaking sale. Since then, the company has been performing quite well and has crossed $2 million in sales.
SignalVault is one of the biggest Shark Tank successes until now and their business has an annual turnover of around $5 million, which is quite impressive. That said, the business’s future is bright and they are set to become one of the biggest names in the personal security realm.
If you are planning to buy their products, they are available on both Amazon and their official website too.