Peony

Peony is a virtual data room (VDR) for M&A, fundraising, private equity, venture capital, commercial real estate, healthcare, biotech, pharma, and legal workflows. It combines granular document access, NDA gates, dynamic watermarks, screenshot and download controls, viewer analytics, AI document Q&A, automatic file organization, structured diligence Q&A, and built-in e-signatures. Teams can share branded rooms and interactive HTML artifacts, track how counterparties engage with files, and revoke access when a deal stage changes. Peony is a secure document and transaction workspace, not a general-purpose AI chat app.

✨ Key Features

• Virtual data rooms — Create rooms for deals, fundraising, diligence, and confidential document sharing.
• Granular permissions — Control access at folder, file, or page level, including view-only, download, and no-access rules.
• NDA and access gates — Require recipients to sign an NDA before viewing or downloading selected materials.
• Watermarks and Screenshield — Apply dynamic viewer watermarks and block screenshots or downloads on supported plans.
• Engagement analytics — See who opened files, which pages they read, how long they stayed, and which device they used.
• AI document Q&A — Let authorized viewers ask questions over room documents, with answers sourced from the data room and cited pages.
• AI organization and search — Auto-index uploads, suggest folder structures, score room completeness, surface missing materials, and search by natural language.
• Structured diligence workflows — Track questions, review proposed answers, and monitor repeated diligence concerns.
• Built-in e-signatures — Prepare NDAs, LOIs, term sheets, and side letters with AI-detected signature/date fields and audit trails.
• Branded and interactive sharing — Use custom branding, domains, cover cards, personalized links, and live HTML/JavaScript artifacts with access controls.
• Security and privacy — Peony lists AES-256 encryption, TLS 1.3 in transit, 2FA, audit logs, GDPR, CCPA, HIPAA, and SOC 2-ready infrastructure.

💳 Pricing

Peony offers free access and paid plans. Viewers are free; paid prices below are per administrator in USD on annual billing.

Deal Team requires at least four administrators: the annual minimum is US$3,072 before applicable taxes. Other billing options have separate prices. See official pricing.

⚖️ Alternatives Compared

🎯 Use Cases

• Sell-side M&A: Stage CIMs, financial models, and legal exhibits with NDA gates, permissions, and bidder analytics.
• Buy-side diligence: Search hundreds of files, ask cited questions, and track diligence progress.
• Fundraising: Share pitch decks, cap tables, and financials while seeing investor engagement by page.
• PE/VC and LP relations: Run LP, co-investment, and continuation-vehicle rooms with controlled access and watermarks.
• Commercial real estate: Share property, financial, and legal documents with different buyer or lender groups.
• Healthcare and life sciences: Control access to sensitive clinical, regulatory, and transaction materials.
• Legal review: Manage NDA execution, document review, redaction, and audit-ready access records.
• Interactive deal materials: Share live financial models, dashboards, ROI calculators, or other HTML artifacts with viewer controls.
• Internal approvals: Use built-in e-signatures for NDAs, LOIs, term sheets, and side letters.

Peony can contain highly confidential financial, legal, clinical, personal, and strategic information. Configure least-privilege access, validate AI answers against source pages, review screenshot/download controls, and confirm retention, DPA, compliance, and e-signature requirements before a live transaction.