The average venture raised per European company was $12.8 million in 2012 vs. $11.8 million in 2011. The 2012 number includes a $150 million series B round by NovImmune S.A. raised over 2005-12. Accounting for only the $16 million of the round that was raised in 2012, the overall average per company fell to $11.4 million last year. The NovImmune round did not include any money in 2011. The top figure shows the the