Semantic segmentation of LiDAR point clouds has been widely studied in recent years, with most existing methods focusing on tackling this task using a single scan of the environment. However, leveraging the temporal stream of observations can provide very rich contextual information on regions of the scene with poor visibility (e.g., occlusions) or sparse observations (e.g., at long range), and can help reduce redundant computation frame after frame. In this paper, we tackle the challenge of exploiting the information from the past frames to improve the predictions of the current frame in an online fashion. To address this challenge, we propose a novel framework for semantic segmentation of a temporal sequence of LiDAR point clouds that utilizes a memory network to store, update and retrieve past information. Our framework also includes a regularizer that penalizes prediction variations in the neighborhood of the point cloud. Prior works have attempted to incorporate memory in range view representations for semantic segmentation, but these methods fail to handle occlusions and the range view representation of the scene changes drastically as agents nearby move. Our proposed framework overcomes these limitations by building a sparse 3D latent representation of the surroundings. We evaluate our method on SemanticKITTI, nuScenes, and PandaSet. Our experiments demonstrate the effectiveness of the proposed framework compared to the state-of-the-art.