Peony is a virtual data room. You upload sensitive documents, set access rules, and share a secure link. Viewers read files in-browser under whatever protections you configure — NDA gate, watermark, screenshot protection, email verification. You see exactly who opened what, for how long, on which page.

If you have used Dropbox or Google Drive for sharing, Peony solves the problems those tools were never built for: per-viewer tracking, legal gates, watermarking, access revocation, and AI search across hundreds of documents.

What a Data Room Is

A controlled place for the documents a counterparty needs to review — a pitch deck, financials, diligence files, client deliverables. Instead of emailing attachments (you cannot revoke, track, or protect), you share a link. The room enforces whatever rules you set.

The same room can be shared with multiple counterparties through different links. Each link has its own rules, watermark, expiry, and analytics.

Who Peony Is For

Deal teams in the $1M–$500M range: founders raising a round, M&A advisors running a sell-side deal, independent sponsors, CRE brokers, consultants, PE and VC firms hosting investor updates.

Not a fit for: deals that mandate SOC 2 Type II today (in progress) and air-gapped enterprise deployments.

The Five Words to Know

Workspace — your account. Holds data rooms, team, billing, branding. One company, one workspace.
Data Room — a container for one deal or project. One workspace, many rooms.
Link — a shareable URL pointing to a data room, with its own permissions. One link per counterparty = per-viewer analytics.
Viewer — the counterparty who opens your link. Free and unlimited on every plan. No Peony account required.
Admin — someone on your team who manages data rooms. Counts toward seat pricing ($20 or $40/admin/month).

See Workspaces, Data Rooms, Links, and Viewers for more.

What Peony Does

AI auto-indexing — Indexes everything in under three minutes, searchable across the whole room.
AI Q&A with citations — Natural-language questions with page-number citations.
Dynamic watermarks — Every page overlaid with viewer email and IP at view time. A screenshot carries the viewer's identity.
Screenshot protection — Blocks desktop captures. (Honest limits on mobile — see Access Control Layers.)
NDA gates — Viewer agrees to or signs your NDA before any files load.
Page-level analytics — Which pages each viewer read, in what order, for how long.
Custom branding and domains — Host at docs.yourcompany.com on Business tier.
E-signatures — Built-in, with AI field detection. Signed copies in the Agreements tab.

What Peony Is Not

Not a file storage tool. Use Dropbox or Google Drive for sync-and-share.
Not for $2B cross-border M&A. That needs Datasite or Intralinks. Peony covers 90% of what most deal teams actually use, at a fraction of the cost.

Files Stay on Peony's Servers

When you "share" a data room, files are never sent to the recipient. They stay on Peony's servers (US region, AWS). Viewers read documents in an in-browser viewer. Unless you allow downloads, nothing leaves Peony's infrastructure.

See How File Storage Works for details.

What Is Peony? Core Concepts