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A data room is a secure location that can store confidential documents to facilitate business processes such as due diligence or mergers and acquisition transactions. The use of data rooms is growing across all industries as businesses look to streamline the exchange of documents.

Life science companies utilize virtual data rooms for everything from clinical trial results and HIPAA compliance to licensing IP and storage of patient records. They also use them to share audits with investors via secure platforms. VDRs are an excellent instrument for early stage startups to monitor which investors spend the most time looking over documents. This lets them know the level of interest each investor is.

Virtual data rooms were originally developed with M&A transactions in mind and put a focus on security features, like document versioning and real-time monitoring of documents. Many of these solutions are now available in new markets. They use their technology to support other types of transactions like fundraising, IPOs and corporate finance.

A successful fundraising process runs by momentum and one of the most frequent mistakes is slowing down by not providing the information that investors are looking for immediately. To avoid this, make sure that your data space contains well-organized, concise and trustworthy information that is consistent with the message you’re articulating to investors. Avoid the use of fragments of data or other unorthodox analyses that could make investors confused. For example, showing only a portion of the Profit & Loss Statement rather than the entire statement is a mistake.