Atmospheric Plasma Solutions Inc. based in the Research Triangle of North Carolina, has raised $125,000 and hopes to raise $3 million in total, according to a filing with the Securities and Exchange Commission.

The company researches and creates tools that utilize plasma technology to treat and remove industrial polymeric coatings from surfaces found in aviation, marine and civil applications.

The proceeds will be used as working capital, which can include compensating executive officers. It still has $2.875 million to be raised.

The minimum investment accepted from an outside investor was $100,000, and the offering is being made in the form of debt. It is not being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer.

Co-founder and chief technology officer Peter Yancey leads APS where he has focused his efforts on the development of the atmospheric plasma coating removal process.

Prior to running the company, Yancey spent 10 years researching plasma deposition, etching and surface modification of materials at the Center for Advanced Manufacturing Processes and Materials of North Carolina State University.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.