Perfecto Technologies, a developer of security software for e-commerce operations, completed its third round of financing, raising more than $16 million.

Led by The Sprout Group, the venture capital affiliate of Donaldson, Lufkin & Jenrette (DLJ), the round also includes affiliates of The Goldman Sachs Group Inc. and previous investors Sequoia Capital, Intel and Walden Israel. Perfecto has now raised a total of $24 million.

" Sprout's investment in Perfecto represents an ideal opportunity for us to participate in the large and growing market of e-business security," said Farrokh Billimoria, general partner at the Sprout Group and newly appointed member of Perfecto's board of directors.

Proceeds from the financing will be used to support further development of Perfecto's flagship product, AppShield, which provides security for customer-facing applications in e-business environments. The funding will also be used to promote further growth of the company's sales infrastructure.

"Funding from such top tier investors further validates our business model," said Peggy Weigle, chief executive officer of Perfecto.

"Our goal is to assist e-businesses who are concerned about providing the highest level of security possible, but don't want their development costs or time-to-market compromised."

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