Chris Gilpin of SignalVault is identity theft and security expert. He pitches his company in Shark Tank SignalVault protects cards from being scanned while in the wallet. He now offers not only vaults for credit cards, but keys and cameras for home security.
SignalVault starts with $1 lottery ticket winner
The company started with the winnings of a $1 lottery ticket! He has $8,000 in the startup of his business. The SignalVault never needs charging or batteries and fits in any wallet. The SignalVault is a card that detects scanners and powers the chip on the security card that goes in the Wallet.
Chris has sold 45,000 cards in one year and nine months online at $14.95 and costs $.75 to make. He has done over $300,000 in sales. You can purchase this online.
Season: 7 Episode 701
First Run: 2015/09/25
Shark: Mark Cuban, Ashton Kutcher, Kevin O'Leary, Lori Greiner, Robert Herjavec
Company: SignalVault
Entrepreneurs: Chris Gilpin
Ask: $200k for 12% equity
Deal: Robert Herjavec and Lori Greiner for $200,000 for 25%
He thought that it would take about $8,000 to create the SignalVault, and won $8,000 in the lottery shortly after.
His competitor has 80% of the market share, with the United States having over half of all credit card fraud.
What do the Sharks say about SignalVault?
Kevin O'Leary likes this deal and will endorse this technology in the financial industry, so he will make him an offer for $200,000 for 20%.
Lori steps up and offers to put it on QVC, saying she thinks she can do 1,000,000 alone in one month, and she offers $200,000 for 18%. She drops to 15% and is debating with Kevin O'Leary who is not going to discount this deal.
He wants to hear Ashton. He thinks it is a race, his competitors have more capital, and he's out.
Robert Herjavec gets in and makes him an offer because he has a great security brand, and he sees this as a great security item. He sees a two-prong strategy. He will do it for $200,00 for 15% and bring it into the data centers.
Mark Cuban is out because he thinks he doesn't realize how much it will take to bring it to the consumer market.
He asks Robert and Lori to work together to put a deal together. Lori asks what his counter is. He said $250,00 for 18% equity. Both of them say that he needs to offer more equity. He comes back and says $200,000 for 25% equity. They have a deal.
SignalVault completed the deal with Lori and Robert. They did $2 million in sales in four months after the show. They sold out in the first eight minutes on QVC, and Robert helped gear up the technology in their online store and website. He also demonstrated them on Good Morning America.