Hangzhou Just Biotherapeutics Ltd. closed a $57 million series B financing led by Temasek Holdings (Pte) Ltd. (Unspecified Vehicle) and existing investors Lilly Asia Ventures and ARCH Venture Partners LLC.

New investors in the round included Taikang, Hangzhou Economic & Technological Development Area, Bank of China and Bank of Hangzhou.

The funds will be used to advance the company's product pipeline and to complete a research and manufacturing facility in China.