MachineMetrics, an industrial data startup that elevates manufacturing performance through autonomous machining, has raised $20 million in Series B financing.

Teradyne, a market leader in industrial automation and robotics, led the funding round with participation from Ridgeline Ventures and existing investors Tola Capital and Hyperplane.

MachineMetrics' Industrial Data Platform enables manufacturers to improve machine utilization and increase production without adding more machines. The IoT-powered solution, which can be installed in minutes, automates the collection of data from manufacturing equipment and delivers actionable, machine data-driven insights for factory workers.