A Raleigh-based nail polish technology company has sold $5.5 million in equity, according to a Securities and Exchange Commission filing.

Undercover Colors Inc. filed a Form D notice on Nov. 10. The date of the company’s first sale was in August of this year. The filing does not state what the company intends to do with the money.

Undercover Colors aims to reduce the number of of drug-induced sexual assaults through wearable nail tech that identifies the presence of common date rape drugs in beverages through polish color change.

North Carolina State University graduates Tyler Confrey-Maloney, who is the CEO, and Stephen Gray, who is the COO, co-founded the company in 2014 with two other N.C. State engineering grads.

Confrey-Maloney and Gray say the inspiration for Undercover Colors came from meeting victims of druginduced sexual assault while they were in college. According to its website, there was a “conviction that [they] could take the power [they] had as engineers to create something that gave power to others.”

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