5 Canadian Artificial Intelligence Stocks (Updated 2023)
The artificial intelligence sector is hot, and investors are looking for opportunities to jump in. Here’s a look at five artificial intelligence stocks listed on Canadian exchanges.
Blockchain isn't the only new technology that's transforming the world we live in — artificial intelligence (AI) is also taking charge as a revolutionary industry in a big way, and its momentum looks set to continue.
Case in point — the global AI market was worth US$136.55 billion in 2022, and it is projected to grow at an impressive compound annual growth rate of 37.3 percent through 2030 to reach US$1.81 trillion.
According to a Grand View Research report, "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."
AI applications like deep learning, robotics, neurolinguistic programming and querying methods will be at the forefront for growth.
With the AI market 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 May 19, 2023, using TradingView's stock screener, and only companies with market caps between C$10 million and C$100 million at that time were considered.
Market cap: C$78.26 million; share price: C$2.95
Toronto-based Pivotree is an industry leader in designing, building and managing digital platforms in the areas of commerce, data management and supply chains for over 250 major retail and branded manufacturers worldwide. The company’s digital solutions and its managed and professional services provide retailers with end-to-end solutions for the management of complex digital commerce platforms. Pivotree also helps clients with strategic planning and hosting, as well as data and supply chain management.
In January, Pivotree announced a partnership with retail technology pioneer Newmine to introduce a "first-of-its-kind, AI-driven returns reduction and supply-chain agility offering."
Market cap: C$71.41 million; share price: C$1.99
Carbon mapping technology company Scope Carbon is focused on the commercial development of its AI-driven image software. Its Scope Analysis platform targets the identification and estimation of carbon-based lifeforms and carbon emissions. The company intends for the platform to be a single-tool solution in carbon mapping for agriculture, forestry and other land-use projects.
Scope Carbon has a product development agreement with Marsman to assist in the advancement of this self-learning image recognition technology. The partners intend to develop, scale and enhance the technology for market rollout in 2023.
Market cap: C$61.31 million; share price: C$0.46
Ottawa-based app developer ProntoForms is a global leader in enterprise mobile forms. The company's no-code development platform allows businesses and organizations to digitize paperwork to complete forms on mobile devices, as well as collect, send and analyze data. Using advanced analytics and machine learning, clients can build their own custom dashboards, charts and graphs; share this date with their colleagues, customers or partner enterprises; and quickly access metadata record reports.
The company recently announced the launch of new automation capabilities for Microsoft's (NASDAQ:MSFT) SharePoint, as well as the launch of the ProntoForms platform on Microsoft AppSource. In reporting its Q1 financials, ProntoForms highlights a 14 percent increase in total revenue for the quarter compared to the same period the previous year.
Market cap: C$60.33 million; share price: C$0.50
As a developer of cloud-based business solutions, OneSoft Solutions' data science technology is based on the Microsoft Cloud platform and services, including Azure Machine Learning, predictive analytics, Power BI Embedded and Office 365. The company's wholly owned 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.
OneSoft recently entered into a service agreement with Jemena to provide the Australian energy infrastructure company with its Cognitive Integrity Management system to manage the safety and integrity of its extensive gas pipeline network. In its Q1 financials, OneSoft reported a 72 percent increase in total revenue for the quarter compared to the same period the previous year.
Market cap: C$54.53 million; share price: C$0.345
AI and data intelligence company Fobi AI provides real-time applications to enable businesses to action, leverage and monetize their customer data, as well as improve their sustainability by reducing paper and plastic waste. The company’s customer base includes organizations around the world in industries such as retail, consumer packaged goods, insurance, sports, entertainment and casino gaming.
In May, Fobi announced record earnings for its third fiscal quarter of 2023, up 298 percent year-over-year. “We are seeing strong demand for our products and services as Fobi works to digitally transform and leverage automation to help businesses gain a competitive edge,” CEO Rob Anson said. “As a result of the demand and relevancy of our commercialized product stack, we are confident in our ability to continue our growth trajectory and close out our fourth quarter in record fashion.”
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.
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