inference

Engram left stealth with $98M at a reported $600M valuation and 13 employees, building a learned memory layer that studies an organization in advance instead of re-reading its documents on every query. The technical bet is real and specific. The moat question is harder than the round makes it look.

Three different products spent two years fighting over the phrase 'LLM router.' Aggregation won at a $1.3B valuation, gateways became table stakes, and the most-hyped category — semantic cost-routing — quietly froze on GitHub.