Top Canadian AI Investment Opportunities: 5 Companies Driving Growth in 2024

The artificial intelligence sector is experiencing unprecedented expansion, with generative AI applications fueling market momentum. According to recent market research by Grand View Research, the global AI market valued at US$196.63 billion in 2023 is anticipated to surge to US$1.81 trillion by 2030, representing a compound annual growth rate of 36.6 percent. Advanced applications spanning deep learning, robotics, and intelligent querying systems are expected to lead this expansion. Industries including automotive, healthcare, retail, finance, and manufacturing are rapidly integrating these cutting-edge technologies into their operations.

Given this robust growth trajectory, Canadian AI-focused companies present compelling investment opportunities. Using TradingView’s screening tools and data collected in June 2024, we’ve identified five small-cap Canadian AI stocks trading on domestic exchanges with market capitalizations between C$10 million and C$100 million that warrant investor attention.

Security-Focused AI: Xtract One Technologies (TSX:XTRA)

Market cap: C$95.34 million | Share price: C$0.56

Xtract One Technologies stands out as a security-oriented AI innovator established in 2016 through collaboration with McMaster University. The firm specializes in threat detection and public safety solutions powered by artificial intelligence software. Its Multi-Sensor-Gateway suite—comprising SmartGateway and SafeGateway—achieved a significant milestone in April when it received the US Department of Homeland Security’s SAFETY Act Designation as a qualified anti-terrorism technology.

Following this regulatory recognition, the company secured security contracts with major sports franchises representing the MLB, NHL, and NBA, marking a substantial commercial expansion for its protective security solutions.

Enterprise Visual Analytics: Scope AI (CSE:SCPE)

Market cap: C$91.3 million | Share price: C$2.01

Based in Vancouver, Scope AI harnesses neural networks and visual recognition technology to assist enterprises in optimizing operations. The company’s GEM platform—standing for general enterprise machine learning—targets the advertising technology sector specifically. Its AI-driven advertising solutions emphasize fraud prevention, cross-channel campaign coordination, bid optimization, and personalized user targeting.

During April 2024, Scope AI expanded its engineering resources dedicated to enhancing the GEM system, signaling accelerated development of its core machine learning capabilities.

Cloud-Based Enterprise Solutions: OneSoft Solutions (TSXV:OSS)

Market cap: C$85.47 million | Share price: C$0.69

OneSoft Solutions develops cloud-enabled business applications built on the Microsoft Cloud infrastructure. Through its OneBridge Solutions Canada subsidiary, the company develops software-as-a-service offerings specifically designed for energy sector infrastructure management, utilizing advanced machine learning and data science techniques.

OneSoft announced in June that OneBridge secured a multi-year service agreement with a major South American pipeline operator to deploy its cognitive integrity management platform for asset monitoring and maintenance optimization.

Commerce and Supply Chain Intelligence: Pivotree (TSXV:PVT)

Market cap: C$36.67 million | Share price: C$1.36

Pivotree constructs and operates comprehensive digital solutions spanning commerce operations, data analytics, and supply chain optimization. The company serves a client base exceeding 200 major retailers and branded manufacturers globally.

The company’s SKU Build product leverages AI and machine learning to accelerate product launching and reduce associated costs by 60 and 75 percent respectively compared to conventional approaches. Additionally, Pivotree Dive—another ML-powered platform—incorporates automated intelligence features for master data governance enhancement.

Healthcare Diagnostics Technology: Diagnos (TSXV:ADK)

Market cap: C$36.67 million | Share price: C$1.36

Diagnos represents the healthcare technology sector’s intersection with AI innovation, utilizing its FLAIRE AI and Computer-assisted Retina Analysis systems for early health condition identification. The company is advancing toward Health Canada and FDA clearance for four new AI diagnostic modules targeting conditions including age-related macular degeneration, diabetic retinopathy, and hypertensive retinopathy, with commercialization anticipated in Q3 2024.

In May, Diagnos renewed its distribution partnership with Labtician, a Canadian medical equipment provider, following successful integration of its diabetic retinopathy analysis algorithms into the Labtician platform—creating an integrated diagnostic solution for endocrinology practices.

As the AI investing landscape continues evolving, these Canadian AI stocks represent varied approaches to technology commercialization across healthcare, security, commerce, and enterprise sectors. Each company demonstrates distinct pathways for artificial intelligence application and revenue generation within the broader growth narrative of the Canadian technology industry.