Your next deal room, live in 5 minutes.
Peony is a virtual data room with enterprise security, AI-powered Q&A, folder and file-level permissions, and page-level diligence tracking — with simple, transparent pricing and no storage or per-page limits. Built for deal teams, funds, and advisors running fundraises, due diligence, and M&A.
No credit card required
Trusted by 3,000+ teams — including YC companies, M&A advisors, and funds managing over $4B in assets
Enterprise-grade protection
NDA-gated access, granular permissions, redaction, dynamic watermarks, detailed audit logs, and screenshot blocking. Every layer of security, included by default.
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Know who's looking
Track who opened your files, which pages they read, and how long they spent. Page-level analytics and diligence tracking that turn viewer data into deal intelligence.
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Answers in seconds, not days
Turn your data room into a managed knowledge base. AI gives viewers accurate answers drawn from your documents — with tiered access so you control which files they can see versus what the AI learns from. Track every question asked, monitor failed responses, and see exactly how counterparties are using the agent.
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Thousands of files, organized in minutes
AI classifies uploads into the right folders, scores your room for completeness, and surfaces what's missing — so you can manage thousands of files without getting lost. Smart search across every document, permission suggestions by deal role, and templates to structure your room in minutes.
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No hidden fees. No waiting for support.
Every feature — AI, security, analytics — included at $40/admin/month. No per-page charges, no storage penalties, no $1,000+ legacy contracts that aren't justified for lean deal teams. Solution engineers across the US, EU, and Asia respond within minutes, any day, any time zone.
Learn more"Been using Peony for a few weeks now — it's a standout for the gated file sharing and data room functions. Intuitive, secure, beautifully designed, and an actually working AI, all while being very well priced versus competitors. Highly recommend giving it a try."
Michael Hui
Managing Director, Piton Partners
Your deals deserve better infrastructure.
Legacy VDRs charge $25,000–$50,000 per deal and take days to provision. Peony sets up in 5 minutes at $40/admin/month — with enterprise security, granular permissions, structured Q&A workflows, customizable AI knowledge base, and action-level analytics.
What legacy VDRs charge per deal
Datasite
Per-page pricing & add-on fees
$25,000+
per deal
Intralinks
AI document chat, per-MB fees
$25,000+
per deal
Ideals
Per-GB storage pricing
$25,000+
per project
Sterling
Multilingual deal support
$10,000+
per deal
Firmex
Mid-market data rooms
$5,000+
per project
Digify
Document DRM & watermarking
$500/mo
Typical cost
$25,000–$50,000
per deal
What Peony includes — on every plan
Peony
All-in-one deal room
$40/admin
per month
Total cost
$40/admin/month
No per-deal, per-page, or per-user overage fees
Link expiration dates
Set expiration dates on shared links. Automatically revoke access after a chosen time frame for secure, time-limited file sharing.
Password Protection
Add password protection to any shared file or folder. Ensure only authorized users can access your confidential content.
One click watermarking
Protect documents with dynamic watermarks. Deter unauthorized sharing by marking files with viewer details, timestamps, or your company brand.
Two-Factor Authentication
Add an extra layer of security with 2FA. Require recipients to verify identity before accessing sensitive documents or folders.
Screenshot protection
Block screenshots of sensitive files and folders. Ensure confidential content cannot be copied or leaked through screen captures.
NDA-gated access
Gate sensitive documents behind an NDA. Recipients must digitally sign a non-disclosure agreement before viewing or downloading your files.
Granular permissions
Control access at the folder, file, or page level. Set view-only, download, or no-access rules per recipient or group — ideal for multi-party due diligence.
Document redaction
Redact sensitive information before sharing. Black out financials, names, or confidential terms while keeping the rest of the document accessible.
Detailed audit logs
Every view, download, print, and access attempt is logged with timestamps, IP addresses, and device details. Export compliance-ready reports for any deal.
File Engagement Tracking
See which files investors are opening, how long they're spending on them, and where their attention is focused.
Page-by-Page Analytics
Go beyond file-level views with detailed insights into which pages of your pitch deck or reports get the most engagement.
Visitor Activity
Track exactly who accessed your Data Room, when they logged in, what device they used, and how they interacted with your documents.
Auto Markup
Let AI automatically add signature, date, and input fields to your agreements. Speed up contract preparation with auto-detected fields.
Vetted Agreement Templates
Start faster with attorney-approved templates for NDAs, sales contracts, and more. Ensure compliance and reduce drafting errors.
Audit Trails
Track every signature, timestamp, and action with comprehensive audit trails. Ensure legal compliance and document integrity.
"Peony is easily the best form factor for sharing client-facing material. At this point, I love hearing, 'Does Sepal AI have a sales deck?'"
AI-powered deal rooms
Instant answers, around the clock. Let investors and buyers ask questions and get AI-generated answers sourced directly from your data room. Accelerate due diligence Q&A without manual effort.
Track their questions
Monitor what recipients ask most frequently and identify their pain points. Get insights into prospect behavior and close more deals by addressing their specific concerns and questions in real-time.
Chat with files & folders
Talk to your documents and folders like a teammate. Use AI to ask questions, get summaries, and retrieve information instantly without manual searching.
Natural language search
Search through your files using natural language. Find exactly what you need without remembering exact file names or complex search terms.
Generate files & folders
Launch projects faster with AI-generated folder hierarchies and ready-to-use documents. Save time by letting AI create the structure and first drafts for you.
Seamless file collaboration
Work together in shared spaces with comments and feedback tied directly to files. Keep conversations context-rich and organized.
Channel based permissions
Control who can access files with intuitive, channel-based permissions. Simplify access management across your team.
Direct File Sharing with DM's
Send files privately to individuals with simple, secure direct links. Share without creating unnecessary channels.
Auto organize
Keep your digital workspace clean and consistent. AI renames, tags, and sorts files into logical folder structures without manual effort.
Multi-Link File Sharing
Generate unlimited links to the same file or folder. Control access for different audiences with unique settings on every link.
Branded shares
Customize every share with your logo, cover image, and brand colors. Deliver professional, on-brand file sharing experiences for clients and partners.
Personalised shares
Tailor each file link with unique messages, client logos, or custom URLs. Create a personalized experience for every recipient.
Trusted by 3,000+ teams who close deals
Funds, founders, PE firms, M&A advisors, lawyers, and real estate professionals rely on Peony every day.
Anish Bharadwaj
Founder & CEO, KiwiQ
Peony is a great example of a customer-obsessed company with a fantastic sense of design and UX. We moved on from Docsend in the first week (that was an easy decision), but what we are really excited about is what all Peony does next - to make document sharing and consumption a lot more delightful.
Rango Ramesh
Founder & CEO, HeySimulate (Techstars)
Peony is the best way to share files. Period. It's way more professional than Google Drive links or email attachments. It also lets me see if my recipients have opened my files and for how long. I'm gonna use this for all my pitches - great to see a product that has as much design and effort in it as my slides.
Mark Petrov
Loop, Head of Financials
Peony is by far the simplest and most intuitive way to populate and share data rooms/materials with investors and partners. All the key analytics and features integrated into a sleek interface!
Anthony Gale
Founder & CEO, PromoLens
Not often I make recommendations, but I started using Peony to share presentations etc with external people. It works so well & makes us look really organized. We looked at DocSend etc. but the cost & clunkiness just put us off.
Ed Harris
Founder & CEO, Ligo Bio (YC S24)
Peony has been great for sharing documents with investors, employees, and customers. It's easy to use, good value, and new features are constantly being added. Definitely recommend!
Germain Brion
Founder, Veritai
The team at Peony put craft into everything they do; from the product to their support, they shine through how much they care.
Akash Ghavalkar
Co-founder & COO - Third Space
We'd been searching for a solution like Peony for ages, and it has completely transformed our workflows. What used to take hours every week is now effortless—Peony saves us so much time that we were finally able to move away from Dropbox Sign. It's been a total game changer!
Panos Moutafis
Founder & CEO, Zenus
Every now and then, you come across a product that has a massive positive impact on your business. Peony is one such product.
Robi Lin
Founder & CEO, Sepal AI (YC S24)
Peony is easily the best form factor for sharing client facing material. It lets us stand out by embedding custom booking and website links into secure deck shares - DocSend and PDFs require 3 extra clicks to book a meeting. At this point, I love hearing "does Sepal AI have a sales deck?".
Peony vs legacy virtual data rooms
Feature-by-feature comparison of Peony against legacy VDR providers. Enterprise-grade security and AI at a fraction of the cost — with no per-page, per-deal, or storage-based fees.
| Feature | Peony | Datasite | Intralinks | Ideals | Sterling | Firmex | Digify |
|---|---|---|---|---|---|---|---|
| Starting price | Free ($0) | $25,000+/deal | $25,000+/deal | $25,000+/project | $10,000+/deal | $5,000+/project | $500/mo |
| Per-page fees | None | Yes | Yes | None | — | None | None |
| Storage-based fees | None | — | Per-MB | Per-GB | — | — | None |
| Setup time | Under 5 minutes | Days | Days | 30+ minutes | Hours | 20+ minutes | 15+ minutes |
| AI document chat | Included | Add-on | Included | Not included | Not included | Not included | Not included |
| Structured Q&A workflows | Included | Basic | Basic | Not included | Not included | Not included | Not included |
| Unlimited storage | Up to 1 TB | Limited | Per-MB fees | Per-GB fees | Limited | Limited | Limited |
| Unlimited users | Included | Per-user fees | Per-user fees | Add-on | — | Included | Per-user fees |
| Built-in e-signatures | Included | Not included | Not included | Not included | Not included | Not included | Not included |
| Screenshot protection | Included (Screenshield) | Add-on | Not included | Add-on | — | Not included | Included |
| AI file organization | Included | Add-on | Not included | Not included | Not included | Not included | Not included |
| Automatic NDA | Included | Not included | Not included | Add-on | Not included | Not included | Not included |
| Dynamic watermarks | Included | Add-on | Not included | Included | Not included | Included | Included |
| Custom domain & branding | Included | Add-on | Add-on | Add-on | Not included | Add-on | Add-on |
| Ease of use (public rating) | 9.4/10 | 7.5/10 | 7.2/10 | 8.7/10 | 7.4/10 | 8.5/10 | 6.9/10 |
| Average user satisfaction | 9.7/10 | 7.5/10 | 7.2/10 | 8.9/10 | 7.3/10 | 8.8/10 | 7.5/10 |
Frequently asked questions
What is Peony?
Peony is a virtual data room (VDR) built for secure document sharing during fundraises, due diligence, and M&A transactions. Peony combines enterprise-grade security — including NDA gating, dynamic watermarks, granular permissions, and detailed audit logs — with AI-powered Q&A and page-level analytics, all in a single platform that takes under 5 minutes to set up.
How is Peony different from DocSend, Ideals, or Firmex?
Unlike DocSend, Peony is a full virtual data room with folder-level permissions, NDA gating, redaction, and built-in e-signatures — not just a link-sharing tool. Compared to legacy VDR providers like Ideals, Firmex, and Digify, Peony includes AI document chat, auto-indexing, and smart Q&A on every plan instead of charging extra. Peony sets up in under 5 minutes with no sales call required, while legacy providers often take days or weeks.
Is Peony secure enough for confidential deals?
Peony is built for the most sensitive transactions. Every file is encrypted with AES-256 at rest and TLS 1.3 in transit, backed by SOC 2 Type II compliant infrastructure. Every plan includes NDA-gated access, screenshot protection, dynamic watermarks, two-factor authentication, granular folder and file permissions, controlled redaction, and comprehensive audit logs with IP tracking. Peony gives deal teams full control over who sees their documents and exactly what they can do with them.
How much does Peony cost?
Peony offers three plans: Free ($0, 2 GB storage), Pro ($20 per admin per month, 200 GB), and Business ($40 per admin per month, 1 TB). All plans include core security features and AI-powered Q&A with no per-viewer, per-page, or per-link limits. Peony is significantly more affordable than legacy VDR providers like Ideals or Firmex, which often charge hundreds or thousands per month for comparable functionality.
How long does it take to set up a data room on Peony?
Peony data rooms can be set up in under 5 minutes. Upload your documents and Peony's auto-indexing classifies them automatically while AI generates a due diligence checklist tailored to your deal type. Configure permissions and share a secure link — no sales call, no onboarding process, and no credit card required to start. Peony is designed so that deal teams can go live the same day, unlike legacy providers that require weeks of vendor procurement.
Does Peony have AI features?
Peony includes AI-powered features on every plan at no extra cost. AI document chat lets your team research across files using natural language. Smart Q&A provides a structured workflow where counterparties submit questions and Peony drafts answers from your data room for your team to review and approve. Auto-indexing handles full-text search, OCR, and document classification automatically.
Can I use Peony for fundraising, M&A, or due diligence?
Peony is purpose-built for fundraising, M&A, due diligence, and any deal that requires controlled document sharing. Thousands of deal teams — including YC startups, PE firms, and funds managing over $4B in assets — use Peony to run their transactions. Peony tracks investor engagement at the page level so you know exactly who is reviewing your materials and when to follow up.
Does Peony include e-signatures?
Peony includes legally binding e-signatures on all plans. You can send NDAs, contracts, and agreements for signature directly from your data room — no need for a separate tool like DocuSign or Dropbox Sign. Peony also offers AI-assisted auto-markup that detects signature and date fields automatically, plus attorney-approved NDA templates.
What file types does Peony support?
Peony supports all major file types including PDFs, Word documents, Excel spreadsheets, PowerPoint presentations, images, and video files. Peony renders documents in a secure viewer with page-level analytics, so you can track engagement on every page without requiring recipients to download anything.
Is there a free plan?
Peony offers a free plan with 2 GB of storage, core security features, and AI-powered Q&A included. No credit card is required to sign up, and you can upgrade to Pro ($20 per admin per month) or Business ($40 per admin per month) as your needs grow. Unlike legacy VDR providers like Digify or Firmex that require enterprise contracts, Peony lets you start immediately and scale on your own terms.