NEW YORK – Venture capitalists nationwide put $7.7 billion to work in 744 deals during the second quarter of 2010, the highest quarterly total for capital invested since the 2008 third quarter, according to industry tracker Dow Jones VentureSource.

In Rhode Island, there were three deals with a total value of $11.75 million in the second quarter, compared with three deals totaling $17 million in the same period a year ago, VentureSource said.

For the first six months of the year, however, Rhode Island saw five deals with a total value of $20.82 million. Aside from the activity in the second quarter 2009, there were no other deals in the first half of last year.

“Fueled by investors’ need to keep current portfolio companies funded and to begin investing from new funds, venture capital financing had a strong quarter,” said Jessica Canning, global research director for Dow Jones VentureSource. “Deal activity and capital invested in venture-backed companies is once again near levels seen before the start of the economic recession in 2008.”

According to VentureSource, information technology and health care continued to be the strongest sectors for deals and dollars. IT claimed the largest portions of deals – 231 deals that raised $1.9 billion – but health care attracted the most money – $2.7 billion from 201 deals.

“Venture investment in health care companies has gained momentum over the last several years, a trend that is likely to continue,” said Scott Austin, editor of Dow Jones VentureWire. “One catalyst for recent growth is venture firms placing a premium on drug development companies nearing commercialization, requiring large sums to get their drugs through Phase III trials.”

Later-stage deals accounted for 44 percent of the second-quarter transactions and 62 percent of total capital raised, VentureSource said. This is up from the 39 percent of deals and 56 percent of capital that later-stage deals claimed in the same period last year. Seed and first-round deals accounted for 32 percent of deals and claimed 15 percent of capital raised during the most recent quarter, down from the same period last year when early-stage rounds accounted for 35 percent of deal activity and 19 percent of capital raised.

The median deal size for the second quarter of 2010 was $4.9 million, down slightly from the $5 million seen in the same period last year.