Finance-native tools win diligence
Marveri
This reveals that the real buying center in AI diligence may sit with the investment team, not the legal team. A finance native product can win if it helps associates and principals move from deck, data room, and model to memo and IC decision faster, even if its legal workflow is less polished. Hebbia fits that pattern by selling deep document reasoning, memo generation, and spreadsheet style workflows into finance and law, with high priced seats for the small group that actually drives deal work.
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Hebbia is built around investment workflows, not just document review. Its Matrix product lets teams run reasoning across large document sets, compare findings in table form, and generate outputs like diligence summaries, pitch decks, and investment memos, which puts it close to the moment a deal gets approved or killed.
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That is a different wedge from legal first tools like Marveri, Emma, Harvey, and Legora, which are strongest when law firms control the workspace. In M&A due diligence, the market is fragmenting by practice area, and firms are increasingly using multiple tools rather than one standard platform, which makes control of the decision workflow more important than perfect legal UX alone.
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The biggest risk is that finance native and infrastructure players collapse the workflow around themselves. Datasite now lets teams analyze live VDR content through AI integrations without moving files out of the room, and Ansarada is embedding Blueflame into live deal execution, which pushes the control point toward the data room and away from standalone diligence apps.
Going forward, the winners are likely to be the products that become the operating surface for the investment decision itself. That means owning the path from raw documents to memo, model, and committee discussion. Legal depth still matters, but it will increasingly be pulled into broader finance and deal execution workflows rather than bought as a separate destination.