Chris Gilpin of Signal Vault is the final entrepreneur to enter the tank in the season 7 premiere.
He is offering $200,000 for 12.5 percent of his company.
His company aims to prevent hackers with scanners from obtaining credit and debit card information. The card protector is simply placed in the wallet near your cards and protects your information.
The company started nearly 2 years ago and has sold 45,000. He started the company with the winnings from a $1 lottery ticket.
For once, someone uses their lotto winning in a positive manner. #SharkTank #SingalVault
— MBA & T Survivor (@ATolly66) September 26, 2015
He explains to the sharks that credit and debit card hacking is a multi-billion dollar problem, but admits that there is another major player in the space.
$14.99 price point & makes it for $0.75…amazing #'s for @SignalVault!! #SharkTank
— TJ Jefferson (@TJayPR) September 26, 2015
O’Leary likes the product but will only bite for 20 percent.
Greinet also makes an offer, but for 18 percent. She asks for a counter to which he tells her he wants to hear from Kutcher. He goes out.
Greiner lowers her offer to 15 percent and says that she can make his product a household name.
We're loving @LoriGreiner's confidence! #SharkTank #SignalVault pic.twitter.com/fxwBQhAqw7
— Shark Tank (@ABCSharkTank) September 26, 2015
Security leader Herjavec then offers him a deal for $200,00 for 15 percent, the same as Greiner’s. The sharks who are in fight over the deal, citing all the ways that they could build his brand.
Cuban thinks he is underestimating how hard it will be to grow his company and goes out.
He questions whether Greiner and Herjavec will come together for a $250,000 investment for 18 percent. They want better equity for a team of two and he offers back $200,000 for 25 percent.
Finally! This happened to someone I know. This is real. I will buy one tomorrow. #SignalVault #sharktank
— YvetteAlexanderSlate (@yvettealexslate) September 26, 2015
Final deal: Herjavec and Greiner for $200,000 for 25 percent.
Order one today credit card stolen 5 times debit card once. Went QVC on wait list 45 days its worth it I’ll wait so many lotto winners end up.broke bravo for making best decision can’t wait
You are so clueless. You don’t think people on shark tank make sure of that stuff? Lol
Unfortunately, the SignalVault card infringes 2 US patents on RFID shielding technology utilizing a card shield.
I want 2 of these.
I have looked in to this product and most the reviews I have seen show it not working. For $15 I would rather just buy a wallet or something that has gotten better reviews.
The card does work mostly, there are only two I could find online signal vault and signalock on amazon and ebay
Signalock is a little cheaper but works the same way. I tested it and found it protected my RFID chase visa card
Detracktor has been selling a similar product for years. They also make pouches that stop tracking and hacking of cell phones and tablets. Search youtube for Detracktor for a demonstration.