A data room that reasons
Index and publish the room by bidder group, and let bidders ask questions answered only from what they may see.
Below the introduction, a product window plays one sell-side data room, Project Velloran, in three steps. Index: the numbered index of 8 folders and 412 documents, where 4 Legal opens and 4.3 Change of control lists its 5 documents with their status, then Set access. Access: the permissions grid of groups by folders in a draft, where Bidder A's 2 Financial moves from Download to View, and the effective difference shows 3 groups affected, 2 gains and 1 loss, with 96 documents staying readable in the viewer, then Commit. Ask: Bidder A's watermarked view of the share purchase agreement, where the room assistant answers which consents the Ostravel licence needs, citing clause 8.3 on page 14 and a published answer, and the first citation outlines clause 8.3. Choose a step to open it.
Uploads filed into the index
Each uploaded file arrives with a proposed folder in the numbered index, to accept, change or leave out.
- A proposed folder for every file
- Accept, change or leave out
- Nothing filed without a decision
The upload Velloran_seller_upload_13Sep2026.zip: 7 files, each with a proposed folder in the room's numbered index, except 2 below the line with no confident place. 3 proposals are accepted, 1 changed and 1 file left out. File into the index stays disabled while 2 files have no decision. IMG_4471.jpg is then filed into 1 Corporate from the folder picker, and the button still waits for the last file.
See what each bidder gains first
Changes wait in staging, and the publish diff shows what every group newly sees, by phase, before the batch goes live.
Staging for Project Velloran: 18 staged changes, 11 adds, 2 moves, 2 renames and 3 permission changes, all ticked. Review and publish opens the publish diff against the live room: Bidder A · Hollowmere Capital at Phase 2 newly sees 5 in 2 Financial, 1 in 3 Commercial, 3 in 4 Legal, 1 in 5 HR, 1 in 6 IT & IP, Download on 7 Property; Bidder B · Corrandel Partners at Phase 1 newly sees 5 in 2 Financial, 1 in 3 Commercial, 2.5 Vendor due diligence at View (5 documents); Bidder C · Thalrow Industrial at Teaser newly sees 3.1 Commercial overview at View. 2.5 Vendor due diligence is hidden from every bidder in the live room.
Folders that open by phase
Move a bidder group to its next phase and see the effective difference, folder by folder, before you commit.
The room's phase ladder for Project Velloran: Bidder A · Hollowmere Capital at Phase 2, Bidder B · Corrandel Partners at Phase 1, Bidder C · Thalrow Industrial at Teaser, and no group yet at Confirmatory. Moving Bidder B · Corrandel Partners from Phase 1 to Phase 2 shows the effective difference before commit, folder by folder: 4 Legal None to View, 5 HR None to View, 6 IT & IP None to View, 7 Property None to View, 8 Tax None to View, 2 Financial View to Download; its own override is kept. 4.6 Litigation and 7.3 Environmental surveys stay capped until Confirmatory.
Answer each question once
New questions are checked against earlier ones and published answers, and every draft cites its page before approval.
The Q&A workspace for the room's 40 questions this period, filtered to the 14 open ones by bidder group, with 2 possible duplicates flagged. Review duplicates opens Q-031, "Are any of the top ten customer contracts terminable on a change of control?", beside Q-012, already published, 88% similar, with the published answer and its citations, to link and close.
Redactions approved before burn-in
Mark personal data from a preset or by hand, send it for approval, and burn in only what was approved.
Page 14 of 4.2.1 Share Purchase Agreement, clause 9.1, with 3 proposed redaction marks: name (by hand), email (pii preset), phone (pii preset). Submit 3 for approval sends them to a second person with Manage; signed in as Elena Rossi, Approve and burn in 3 turns them into black bars, and the record of decisions adds the approval and the burn-in.
Every finding traced to its page
Findings carry an evidence chain to the page, and unsourced ones are held back from export until a passage is attached.
The findings register: 11 findings, 9 sourced, 2 unsourced, 3 proposals. Each finding shows its severity, its cited page and whether it is sourced; F-012 is unsourced and held back from export. F-014, "Top three customers are 58% of FY25 revenue", opens to its evidence chain: 2.3.12 Revenue by customer FY25.xlsx, sheet "By customer" · row 14; the fact, Customers A, B and C invoiced £41.8m of £72.1m; the calculation, 41.8 ÷ 72.1 = 58.0%; and the memo line.
Analysis, compliance and sourcing in the same system
Security built for institutional data
No model training
Customer data never trains or updates a model.
Siloed per customer
Each customer's data is kept apart.
Encrypted
Across storage and networks.
Zero trust
Least-privilege access and strong authentication.
Your control
You see and control who accesses your data.
SOC 2 and GDPR
Both in progress, not yet certified.