Cloud storage stores files.Data rooms close deals.
Box is built for enterprise file storage and collaboration. When you need page-by-page analytics, screenshot protection, NDA gating, and AI document chat for fundraising or M&A, you need Peony.Set up in under 5 minutes.
No credit card required
Side-by-side comparison
Box is enterprise cloud storage. Peony is a purpose-built virtual data room with analytics, security, and AI features designed for secure deal sharing.
PeonyWhy teams switch from Box to Peony
Box is a solid cloud storage platform. But when you need to share documents securely with investors, buyers, or partners — and track exactly how they engage — you need a purpose-built data room.
Page-level analytics
Box tracks file downloads and edits. Peony tracks every page view, time spent per page, scroll depth, and visitor details — so you know exactly what investors focus on.
Document security
Screenshot protection, dynamic watermarks, NDA gating, 2FA, and link expiry are all built into Peony. Box focuses on storage security, not document-level protection.
Data room structure
Peony organizes documents into branded data rooms with granular per-viewer access controls. Box is a flat file storage system — not designed for deal workflows.
AI document chat
Peony lets external recipients — investors, buyers, partners — chat with your data room documents and get instant answers 24/7. Box AI is internal-only and Enterprise-gated.
Pricing comparison
Peony gives you data rooms, analytics, AI chat, and advanced security — at the same price point as Box cloud storage without those features.
Peony
Free
$0
2 GB storage
Pro
$20/admin/mo
200 GB storage
Business
$40/admin/mo
1 TB storage
Analytics on every plan. Pro adds e-signatures. Business adds data rooms, AI chat, screenshot protection, watermarks, and NDA gating.
Box
Individual
Free
10 GB storage, no data room
Business
$20/user/mo
Cloud storage only
Business Plus
$33/user/mo
Cloud storage only
No data rooms, no page analytics, no screenshot protection, no NDA gating.
When to use each platform
Box excels at enterprise file storage and internal collaboration. Peony is the better choice when you need secure external document sharing with analytics and data-room workflows.
Choose Box when you need
Enterprise-wide file storage and sync across teams
Internal collaboration on documents with co-editing and comments
Deep integrations with enterprise tools (Slack, Salesforce, Office 365)
General cloud storage — no data room or analytics needed
Choose Peony when you need
A secure data room for fundraising, M&A, or due diligence
Page-by-page analytics to see what investors and partners actually read
Document security: screenshot protection, watermarks, NDA gating, link expiry
AI document chat so recipients get answers instantly
E-signatures and secure sharing in a single platform
A free tier to get started without a credit card
What Peony gives you that Box does not
Organize documents into secure, branded data rooms
Box stores files in folders. Peony organizes them into branded data rooms with granular per-viewer access controls, custom permissions, and deal-ready structure — purpose-built for fundraising, M&A, and due diligence.
Know exactly what your recipients read
Box shows you who downloaded a file. Peony shows you every page view, time spent per page, scroll depth, and visitor details. See which sections of your pitch deck investors care about most — and follow up with precision.
Protect sensitive documents at every stage
Box secures files at the storage level. Peony secures the entire document lifecycle — from sharing to viewing to expiry. Screenshot protection, dynamic watermarks, password protection, 2FA, and NDA gating are all included.
Screenshot protection
Block screen captures of sensitive documents. Box has no screenshot protection — once a file is opened, it can be captured freely.
Dynamic watermarks
Every page stamped with the viewer's identity and timestamp. If a document leaks, you know exactly who shared it. Box offers no per-viewer watermarking.
NDA-gated access
Require viewers to sign an NDA before accessing documents. Built-in e-signatures make it seamless — no separate tool needed. Box has no NDA gating capability.
Frequently asked questions
Our law firm uses Box for client document management — how does Peony compare for data rooms?
Box is enterprise cloud storage built for internal file management — it was not designed for the secure, auditable document sharing that law firms need during deal review, litigation, or regulatory filings. Peony is a purpose-built data room with page-by-page analytics on every plan, giving counsel a complete audit trail of who viewed which pages and for how long. The Business plan ($40/admin/month) adds screenshot protection, dynamic watermarks, NDA gating, and AI document chat — everything a firm needs when sharing privileged materials with counterparties or regulators.
We're in a regulated industry — is Peony secure enough to replace Box for external document sharing?
Yes. Peony enforces AES-256 encryption at rest, TLS 1.3 in transit, and meets SOC 2-ready, GDPR, CCPA, and HIPAA compliance requirements — the baseline for regulated industries like healthcare, financial services, and energy. Beyond infrastructure, Peony provides the document-level controls that regulated firms need: screenshot protection to prevent unauthorized capture, dynamic watermarks that identify every viewer, NDA gating to enforce confidentiality before access, and page-by-page audit trails for compliance reporting. Box Business starts at $20/admin/month for cloud storage but lacks these deal-security features. Peony Business at $40/admin/month includes data rooms, AI chat, screenshot protection, and watermarks.
Does Box offer the page-by-page audit trails that legal teams need?
No. Box tracks file-level activity like downloads and edits, but it cannot show whether opposing counsel reviewed page 47 of a disclosure schedule or skipped it entirely. Peony provides page-by-page engagement tracking showing exactly which pages each viewer read, how long they spent per page, and their total session time — the kind of granular audit trail that legal teams rely on to demonstrate proper disclosure and track counterparty diligence.
Can Box protect privileged documents from screenshots during deal review?
No. Box has no screenshot protection, meaning any reviewer can capture privileged documents, attorney work product, or confidential deal terms with a simple screen grab. Peony includes built-in screenshot protection that blocks screen capture tools, adding a critical safeguard when firms share sensitive materials with external parties during M&A, litigation, or regulatory review. Peony's infrastructure is SOC 2-ready, GDPR, CCPA, and HIPAA compliant.
Our firm needs NDA gating before counterparties access deal documents — does Box support that?
No. Box does not support requiring an NDA before document access — anyone with a link can open the files. Peony offers built-in NDA gating that requires every counterparty, investor, or outside counsel to sign a non-disclosure agreement with e-signatures before they see a single page. This gives law firms an enforceable confidentiality record tied directly to the data room audit trail, with no separate e-signature tool needed.
Can external counsel or investors use AI to search through documents in a Box data room?
Box has Box AI on enterprise plans, but it is designed for internal productivity, not external document review. Peony includes AI document chat that lets outside counsel, investors, or buyers ask natural-language questions about the shared documents and get instant, cited answers directly inside the data room — reducing the back-and-forth that slows down deal review and due diligence.
"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!"
Ed Harris
Founder & CEO, Ligo Bio (YC S24)
Y Combinator S24