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AI memory startup focused on cutting token costs raises $98 million

CNBC · Jun 23, 2026, 12:01 PM · Also reported by 4 other sources

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  • With corporate America finally starting to crack down on untamed AI usage by developers, an 8-month-old startup called Engram sees a big business opportunity in helping companies save money.
  • Engram on Tuesday announced that it raised $98 million from investors including General Catalyst, Kleiner Perkins and Sequoia, as well as OpenAI co-founder Andrej Karpathy, who recently joined Anthropic.

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With corporate America finally starting to crack down on untamed AI usage by developers, an 8-month-old startup called Engram sees a big business opportunity in helping companies save money.

Engram on Tuesday announced that it raised $98 million from investors including General Catalyst, Kleiner Perkins and Sequoia, as well as OpenAI co-founder Andrej Karpathy, who recently joined Anthropic.

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