CTW Automation raised $166,400 from three investors, according to a Securities and Exchange Commission filing.

The equity investment will allow the Lexington, North Carolina-based company to continue to develop new software for damper and spring testing.

The company is seeking an additional $83,700 from investors.

CTW Automation’s focus is in the racing industry, having done work with NASCAR, Indy and MSA teams. The company has had over 60 years of experience in damper and spring testing as it continues to aim to create more innovative designs.

Scott Treichler has served as the company’s president since 2016. Before working at CTW Automation, he worked at Roehrig Engineering Inc. and eventually rose the ranks as president.

The SEC filing can be found here.

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.