Venture capitalists put more cash into more deals for medical device companies during the 3rd quarter, according to a report from PricewaterhouseCoopers.

Medical device companies pulled down $586 million in 78 deals during the 3rd quarter, up 13% in dollars and 18% in deal volume compared with Q3 2013.

"Cutting-edge innovations in medical devices, like minimally invasive surgical devices, image-guided devices, and cardiovascular and neurological therapy devices, are reshaping the medical therapeutics segment and hence provide high return investment opportunities for venture capital funds," PwC life sciences partner Greg Vlahos said in prepared remarks.

Overall VC investment in life sciences grew 6.7% to $1.6 billion but declined -2.1% in terms of volume, to 188 deals during the quarter. Life science deals accounted for 17% of VC funding in Q3, down from 19% during the same period last year, according to the MoneyTree report, compiled by PwC and the National Venture Capital Assn. using data from Thomson Reuters.

“Following the record high investments in biotech in the 2nd quarter of this year, this continued year-over-year growth is a good performance for the quarter," Vlahos said. "In the 2nd quarter, a couple of $100 million-plus mega-deals tipped the scales, including Intarcia’s $200 million round. And, with biotech still accounting for the lion’s share of new initial public offerings – 18 out of 23 IPOs in the 3rd quarter were for life sciences companies, including 13 for biotech alone – there’s reason to believe that the overall environment for biotech venture investments remains robust."