Best Canadian AI Stocks: 2024’s Investor Guide

Artificial intelligence is undoubtedly one of the most promising technology sectors to invest in as part of today’s data-driven world. Not only does AI software help people become more efficient when taking on complex tasks, but it also assists in managing the overall workflow and results.

So if you’re looking to cash in on some of this digital bonanza, we’ve rounded up the best Canadian AI stocks to invest in as of right now.

5 Top AI Stocks in Canada

Best Canadian AI Stocks in 2022

Although it’s still making baby steps, AI technology is well on its way to changing the world in ways not yet imaginable. We believe that investing in AI might just turn your life around, so check out our choices of the best AI Stocks in Canada!

1. Kinaxis Inc.

• Founded: 1984
• 2021 gross revenue: $250 million
• Ticker: KXS

Topping our list of AI stocks is a software company specializing in supply chain management. The company’s primary focus is to use artificial intelligence to help vendors and logistics departments increase the visibility of their supply chains, which will ultimately lead to greater cost-efficiency and resource management. 

Kinaxis caters to clients across various industries, ranging from consumer technologies and automotive to pharmaceutical companies and healthcare. This wide range of clients has imminently propelled the company towards the top of the list of Canadian AI companies worth investing in.

The numbers back this up as well, as stocks hold a $159.5 price tag as of March 2022. In recent years, there haven’t been any notable dips in stock value, which only adds to the security of investing in AI stocks in Canada.

One particular fluctuation on the higher end of the scale occurred in November of 2021 when prices spiked to $229, which is an impressive feat.

2. Docebo

• Founded: 2005
• 2021 gross revenue: $104.2 million
• Ticker: DCBO

This cloud-oriented AI platform uses its software to provide e-learning services for consumers and businesses worldwide. Seeing as workplace technologies are constantly changing, skill upscaling and proper training are crucial to facilitating a favourable business environment.

High-end companies such as Netflix, Uber and Starbucks are well aware of this and are thus using Docebo to their advantage.

Docebo has slowly but surely paved its way as one of the leading artificial intelligence stocks in Canada by implementing sophisticated machine learning technologies to provide personalized training to all employees. The platform offers educational resources through a software-based virtual coach to simulate real-world problem-solving at a smaller scale.

If you take a closer look at the statistics, stock prices are at $64.5 as of March 2022 and have been in that range since the beginning of the year.

When comparing those numbers to the previous fiscal year, there has been a slight decrease in value as the average was $84.6 in 2021. But even so, Docebo holds its own among the best AI stocks to buy right now.

3. VIQ Solutions

• Founded: 2004
• 2021 gross revenue: $31 million
• Ticker: VQS

In a time of an overflow of digital content, VIQ Solutions has established itself as one of the best artificial intelligence stocks in the country. Their AI-based platform is intended to optimize management software and content creation for various organizations.

This can be quite beneficial for all sorts of business endeavours, including cataloguing, documentation, image recognition and data presentation.

Over the years, VIQ Solutions has partnered with companies from different sectors, starting with the law enforcement and legal industry and going all the way to healthcare and insurance.

Its transcription software can be used to document court sessions, incident reports, doctor’s appointments, and generic meetings, all of which are uploaded to the cloud for processing.

The company’s recent promotion from the TSX Venture Exchange to the big scene of the TSX has helped it maintain a steady stock value of around $2.65. Plus, its newest profitability and growth campaigns have turned it into one of the most sought-after AI stocks in Canada.

4. mCloud AI

• Founded: 2010
• 2021 gross revenue: $23.5 million
• Ticker: MCLD

Among Canadian robotics stocks frontrunners, mCloud AI certainly deserves a spot in the hall of fame. Thanks to its cutting-edge asset management software, the company uses AI platforms to deliver historical and real-time data on cost savings and energy use. By using operational performance information, clients can get valuable insights and long-term results. 

These services are generally applicable to energy suppliers, industrial plants and any other commercial buildings with greater geographical footprints. The adaptive software offers a range of possibilities for these industries to grow and develop in the future.

In terms of statistics, there’s been a slight fluctuation in the average stock prices over the years. Prices peaked in February 2020 at $19.11 before experiencing a small drop the following month due to the global financial crisis caused by the pandemic.

The good news is that the company has managed to retain a relatively steady stock price since, averaging at $7.80 in March 2022, making it a good option for AI investing in Canada.

5. DataMetrex AI

• Founded: 2016
• 2021 gross revenue: $46 million
• Ticker: DM

Rounding off the pool of options in the artificial intelligence market is DataMetrex AI. The company offers detailed profiling and reports on consumer behaviour online. These results are garnered through extensive research on any and all social media, blogs and webpages that mention clients’ products to obtain relevant information on its target audience. 

It’s no wonder that this consumer-based approach has made DataMetrex one of the best AI stocks to invest in. By bringing consumers to the fore through web analytics, companies are able to gain actionable insights into their customers, effectively making room for any necessary changes.

All of this is particularly interesting if you consider the company’s stock value in recent years. Thanks to the world’s abrupt digitalization resulting from the pandemic, there was a bump in prices from $0.04 in February 2020 to $0.16 the following month.

Since then, there have been several notable spikes, including $0.28 in February 2021 and $0.30 three months later.

AI Stocks 101

In a nutshell, artificial intelligence stocks belong to companies that have come up with a particular AI-based product or solution. This may refer to any brand that uses artificial intelligence to build on or improve its service in order to respond to consumer demand.

Since AI software is quickly making a breakthrough in the digital world, it’s no surprise that along with tech stocks, AI stock prices are all the rage among investors these days. If you take into account all the possible developments that may occur in the future, there’s plenty of potential for linear growth and returns on your initial investment.

Conclusion

All things considered, the AI industry offers a number of investment options, if that’s what you’re interested in. While there are no guarantees of major spikes or significant breakthroughs, you’ll be able to receive a decent amount of money if you play your cards right.

Hopefully, our list of the best Canadian AI stocks has paved the way for you to make the right decision.