How the dataroom protects documents

Dataroom documents are served as watermarked page images, and every view is logged with who saw which page of which version. The company or the lead advisor can turn the watermark off for a single document from its menu (Turn watermark off), for one where the stamp is clutter rather than protection, such as a teaser; it then shows without anyone's email, the team included, still as images and still logged, the room's Watermarked badge counts the exceptions, and each change is on the audit trail. Investors are only ever served a document's current version; earlier versions stay in the document's Version history for the deal team. Videos (MP4, MOV or WEBM, up to 2 GB) are the exception to the page images: a video plays in the viewer with the reader's email over the picture and the open is logged, but it streams to the reader's browser, so anyone who can watch it can keep a copy, and a video has no Download setting in Manage access. Where AI search is on, a video's speech is transcribed in Sydney (by Amazon Transcribe, which keeps nothing) and indexed, so an answer can quote what was said with the moment it was said, and opening that citation starts the video there; the same transcript gives the player captions, which anyone who can watch the video can switch on. Transcribing takes a few minutes, during which the file says Transcribing. The checker does not read videos. Spreadsheets are the only files an investor can keep: where their group has Download on, a Download button sits beside each spreadsheet so they can work the model in Excel. An Excel model also opens as a live model, switchable with Pages at the top of the viewer: the reader changes the blue input figures and everything recalculates on Struck's servers, so the file never reaches them, and its formulas only do where the company switches on Show formulas to investors (the company and its advisors always see a selected cell's formula in the formula bar), and their changes are never saved or shown to the company. Out of the box they can change any number that isn't a formula; the company or the lead advisor can limit that to their assumptions with Choose editable numbers, clicking the numbers (or a column letter or row number) investors may change and pressing Save, and the choice applies to that version of the file. Freeze, beside the zoom, freezes panes at the selected cell, the top row or the first column, for that reader only; without it, a sheet keeps the workbook's own frozen panes, or its header row in view. A sheet's pictures, charts and text boxes sit over its cells as they do in Excel, and a chart redraws from the reader's changed figures. A dropdown in the workbook, such as a scenario picker, lets the reader choose among its own options; a link to another sheet goes there and a web link opens in a new tab. The workbook's own notes and comments show only to the company and its advisors, as a red corner on the cell and a line above the sheet when it is selected. Before a model is offered live it is recalculated untouched and checked against the figures Excel saved; one that would come out differently (usually a function Struck can't run yet, such as INDIRECT) opens as pages, and the deal team is told which cell disagreed. In the viewer, the bar at the foot of the pages shows which page you are on and zooms in and out (the + and - keys, a pinch, or Ctrl and scroll also work). On a computer, Full screen at the top right fills the window; on a phone the viewer always fills the screen, with the close button fixed at the top right. The deal team can also pin comments to a spot on a page: open a document, choose Add comment, click the spot, and type @ to bring a colleague in. Investors see the pages without the comments, and a pin keeps the version it was placed on, so after a new upload it says which version it was about. Investors pass an NDA gate before the confidential room opens. Access is per investor group, folder by folder, with per-document exceptions where a folder grant is too broad, so a staff-only folder is simply invisible to investors inside the room. The NDA is mutual and an agreement rather than a deed: the company adopts it once per raise from the Access tab (and again if the text changes) and each investor accepts it at the gate. The agreement lets both sides show the other's information to the platform and the providers it runs on, AI features included, which are bound to keep it confidential.