5 Canadian Artificial Intelligence Stocks (Updated 2024)
Artificial intelligence (AI) is taking charge as a revolutionary industry in a big way, and its momentum looks set to continue, particularly as generative AI tech has exploded in popularity.
Case in point — according to a Grand View Research report, the global AI market was worth US$196.63 billion in 2023, and is projected to grow at a compound annual growth rate of 36.6 percent through 2030 to reach US$1.81 trillion.
“The continuous research and innovation directed by the tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing,” the report reads. AI applications like deep learning, robotics, neurolinguistic programming and querying methods will be at the forefront for growth.
With AI poised for significant, transformative expansion over the next several years, here’s a look at five small-cap AI stocks listed on Canadian exchanges. Data was gathered on June 6, 2024, using TradingView’s stock screener, and only Canadian AI stocks with market caps between C$10 million and C$100 million at that time were considered.
1. Xtract One Technologies (TSX:XTRA)
Market cap: C$95.34 million; share price: C$0.56
First on this list of Canadian AI stocks is Xtract One Technologies. Founded in 2016 with partner McMaster University, the security firm leverages AI software technology for weapons detection and patron safety solutions.
Xtract One’s Multi-Sensor-Gateway portfolio, which includes SmartGateway and SafeGateway, was awarded the US Department of Homeland Security’s SAFETY Act Designation as a qualified anti-terrorism technology in April.
“This award recognizes the Xtract One portfolio for its efficacy in safeguarding public spaces against advanced modern threats and enables Xtract One to bring its innovative security solutions to a larger scale,” states a press release.
Shortly after, Xtract One inked security contracts with teams representing the MLB, NHL and NBA sports leagues.
2. Scope AI (CSE:SCPE)
Market cap: C$91.3 million; share price: C$2.01
Next up is Vancouver-based tech company Scope AI, which is leveraging visual recognition and neural network technology to help enterprises drive growth. The company’s main technology platform is its GEM system, which stands for general enterprise machine learning, and it is targeting the advertising sector.
Scope AI’s ad tech services are powered by AI automation with a focus on safety and fraud measures, cross channel integration and campaign management, bid optimization and personalization for specific user experiences.
In April, Scope announced the expansion of its development team for the platform, and said it would be working to accelerate advancements to GEM.
3. OneSoft Solutions (TSXV:OSS)
Market cap: C$85.47 million; share price: C$0.69
OneSoft Solutions is a developer of cloud-based business solutions, and its data science technology is based on the Microsoft Cloud platform. The company’s subsidiary, OneBridge Solutions Canada, develops and markets new software-as-a-service solutions to assist oil and gas pipeline operators using advanced data science and machine learning.
In June, OneSoft announced that OneBridge had signed a multi-year deal with a large South American pipeline operator. It will use OneSoft’s cognitive integrity management software-as-a-service platform to manage its pipeline assets.
4. Pivotree (TSXV:PVT)
Market cap: C$36.67 million; share price: C$1.36
Pivotree is dedicated to designing, building and managing digital end-to-end solutions in the areas of commerce, data management and supply chains. It currently works with over 200 major retail and branded manufacturers worldwide.
Pivotree’s SKU Build is a data service that is powered by AI and machine learning. The company says it reduces time to market and cost by 60 percent and 75 percent, respectively, compared to traditional methods.
Another of the company’s machine learning-driven platforms is Pivotree Dive, which also incorporates automated intelligence to help companies optimize their master data management processes.
5. Diagnos (TSXV:ADK)
Market cap: C$36.67 million; share price: C$1.36
Last on this list of Canadian AI stocks is healthcare tech firm Diagnos, which focuses on early detection of health problems using its FLAIRE AI and Computer-assisted Retina Analysis platforms.
Diagnos is in the process of obtaining new Health Canada and US Food and Drug Administration approval on four AI analysis modules for commercialization expected during Q3 2024. The new modules are designed to help healthcare professionals identify age-related macular degeneration, diabetic retinopathy or hypertensive retinopathy.
In May, Diagnos announced the renewal of its distribution agreement with Canadian medical supplies and equipment provider Labtician. “This renewed distribution agreement comes after the final integration of DIAGNOS’ images analysis and processing algorithm for diabetic retinopathy into the Labtician platform offering a comprehensive solution for endocrinology clinics,” a press release from the company explains.
This is an updated version of an article originally published by the Investing News Network in February 2018.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.