Ask a plain-English question across every document in a data room and get an answer with cited page numbers. "What's the customer concentration?" "What does the IP assignment clause say?" "What was Q3 2025 ARR?" Type it, Peony returns the answer and links to the exact pages it came from.

What It Does

Open the AI Q&A panel inside any data room, type a question, and Peony reads across every document to answer. Each answer comes with citations — the source document and page number. Click a citation to jump directly there.

It's built for two audiences:

Sellers stress-test their own room ("what does our deck say about gross margin?") before buyers do.
Buyers move through thousands of pages without opening every file.

When a reviewer asks a question through the Q&A flow, they can be dropped directly on the cited page from the notification email.

How to Use It

Open a data room, click the AI Q&A panel, and type a question in plain English.

Check the citations. Every one links to a specific page in a specific document, so you can verify rather than trust.

Export the Q&A transcript for diligence records when a buyer requests the exchange history at deal close.

What It's Good At

Summarizing long documents. "Summarize the key points" on a 200-page deck or 50-page contract.
Finding specific clauses. "What's the IP assignment language?" returns the text and the page.
Cross-document comparisons. "How does 2024 P&L revenue compare to the 2025 forecast?"
Extracting specific numbers. "What was Q3 2025 ARR?" "How many employees?"

What It's Not Good At

File editing. AI Q&A is read-only — it can find, summarize, and cite, but cannot edit documents inside the data room. In-room editing is underway.

Advanced Q&A Workflow

For live M&A and fundraising, counterparties can submit questions through the room and your team approves responses before they go back. The AI drafts an answer with citations, your team reviews and edits, and the approved response is sent. This is the "CFO-in-the-loop" flow that replaces the email back-and-forth most deals still run on.

Privacy and Model Info

AI Q&A uses a production LLM with enterprise data handling agreements. Document content is sent at query time to generate answers but is not used to train any model, and the provider is contractually prevented from retaining it.

Queries and answers are stored in the data room transcript for diligence export.

Auto-indexing is a separate feature and runs entirely on Peony's own infrastructure — no external LLM. See AI Auto-Indexing.