Best AI Stocks Canada

Canada is home to some of the world’s leading tech companies, and in recent years they’ve been making considerable investments in Artificial Intelligence (AI). With new AI solutions arising daily, there are ample opportunities for investors to get involved in some of these forward-thinking companies.

Investing in a good AI stock can be rewarding and exciting if you’re researching savvy. But how do you decide which AI stocks will be worth your money?

This article will discuss the top AI stocks currently trading in Canada. I’ll give an overview of the company, its performance, and why these artificial intelligence stocks could be profitable for investors.

Why the Craze with AI in the Stock Market?

The craze for artificial intelligence (AI) in the market is due to its potential to revolutionize the world and investors’ decisions. AI has been used in various industries, from healthcare to retail, and now it’s being applied to more and more, including the stock market.

AI can help investors identify trends and patterns that may not be visible to the human eye, allowing them to make more informed decisions.

It also opens up a world of possibilities for many industries to optimize and discover new ways of doing things while saving costs.

Most recently, natural language processing models, like OpenAI’s ChatGPT, have dominated the AI scene. We wanted to look at some Canadian AI stocks you can have in your portfolio alongside Alphabet (Parent company to Google), tech giant Microsoft, Amazon and other blue chips investing in artificial intelligence.

Best Canadian Artificial Intelligence Stocks

Here are some of the best stocks to consider for those wanting exposure to Artificial Intelligence & machine learning growth in Canada. These companies have taken a long-term bet investing in AI and are well-positioned for the boom ahead.

Here’s a quick list of Canada’s top artificial intelligence companies; we have included penny stocks, small caps and some larger cap companies for a diverse selection.

    • Kinaxis Inc. (TSX: KSX)
    • DataMetrex AI (DM.V)
    • Open Text Corporation (TSX: OTEX)
    • Docebo (TSX: DCBO)
    • VIQ Solutions (TSX: VQS)
    • H2O Innovation (HEO.V)
    • MCloud AI (MCLD.V)
    • FOBI AI (FOBI.V)
    • CGI Inc. (GIB-A.TO)
    • EarthLabs Inc. (TSX.V: SPOT)
    • Absolute Software (ABT.TO)
    • Blackberry (BB.TO)
    • AnalytixInsight Inc. (TSXV:ALY)
    • Hill Street Beverage Company Inc. (TSXV:BEER)
    • C3.AI (NYSE: AI)

Kinaxis Inc. (TSX: KSX)

Kinaxis is a SaaS (Software-as-a-Service) company specializing in supply chain management. It operates on the cloud and helps its customers use artificial intelligence to optimize supply chains, makes them more informed about their business, and drives cost-efficiency. In addition, the software allows clients to visualize their supply chain better and plan resources by using simulations and preventing inventory obsolescence.

Traditional supply chain management software involves many software applications for different vendors and is heavily Excel-dependent. Kinaxis helps integrate all a company’s vendors and logistics providers/departments under one software on the cloud and gives the company an organizational view of its supply chain. As supply chains are getting more complex, Kinaxis AI is helping companies better understand, control, and adapt to their increasing size.

Kinaxis work in various industries like consumer technology, aerospace/defence, industrials, pharmaceuticals/healthcare, automotive, and FMCG. Moreover, Moreover, Kinaxis has many blue-chip clients such as Nikon, Qualcomm, Lockheed Martin, Toyota, Asics, etc., which proves its product’s efficacy and real-world impact.

In addition, the company has gained from a tailwind from COVID as the world was forced to shift towards eCommerce, thus giving the supply chain and logistics business a big boost. They continue to innovate on their current technologies leveraging AI to improve efficiency in supply chains.

According to the Q1 2023 financial results reported by Kinaxis, the company’s SaaS revenue grew 28%, with an adjusted EBITDA margin of 17%. In addition, annual recurring revenue increased by 23% as the company continued to win marquee brands. Kinaxis is also introducing fiscal 2023 financial guidance, with total revenue expected to be between $375 million and $385 million, representing 23% to 26% growth.

The company expects SaaS revenue to be between $345 million and $355 million, with an adjusted EBITDA margin of 19% to 21%. The company’s long-term contracts also provide visibility into future contracted revenue of $127.5 million for 2023 and beyond.

DataMetrex AI (DM.V)

One of our favourite pure-play AI companies in Canada, DataMetrex AI, is a data analytics company that initially provided software to analyze large amounts of unstructured data such as websites, blogs, social media, documents, etc.

For example, it helps organizations find insights into consumer behaviour and opinion by sifting through social media platforms and web pages that mention their products or contain relevant information about their target market. They aim to help brands build better product experiences.

Since the wake of COVID and developments in AI technology, its platform now helps governments, NGOs, and special help groups track cases in real-time and benefits from many brands being forced to go digital. Apart from generating insight into consumer sentiment and opinion, the company’s platform also performs web analytics by providing actionable web and app usage insights, such as location-based heat maps.

Datametrex AI has also used IoT to gather operational performance data at industrial plants and energy assets and use its software to find actionable insights. For instance, the company has used IoT to control HVAC systems resulting in cost savings of 25% for clients like Starbucks. The company’s services are desirable as they involve low client capital outlay.

In March 2023, the company’s website showcased its ability to provide analytics for cyber security, EV solutions, telehealth, and healthcare industries.

One of the significant developments for the company in 2022 was securing a multi-phase Canadian Artificial Intelligence (“AI”) contract worth approximately $40 million CAD. They completed the first phase successfully, and now the company will move to the next stage of work. This development has expanded the company’s scope and put it on track for more significant growth in the future.

It has a low P/E ratio of 8.00, meaning it’s relatively fairly valued. Datametrex AI acquired Imagine Health Centers for $2.6 million in November 2022. The company has been actively expanding its capabilities in AI, blockchain technology, and analytics to capitalize on the growth opportunities in the market.

They have witnessed a change of fortunes since the onset of COVID. In Q1’21, they reported revenues of $19 million (up 2253% YoY) and net earnings of $9.56 million (up 1425% YoY). Moreover, they are poised for solid growth with a record cash pile of $4.6 million. Although a small market cap compared to some competitors, it’s one of the better Canadian AI stocks.

Open Text Corporation (TSX: OTEX)

Open Text Corporation (OTEX.TO) is a Canadian-based software company specializing in enterprise information management solutions.

It is a leading Canadian technology company focusing strongly on artificial intelligence (AI) solutions. The company’s offerings include various AI-powered products and services, such as content management, business process management, and customer experience management. OTEX.TO has a history of steady growth, and its market capitalization is over $20 billion CAD. The company has also acquired other businesses to expand its AI capabilities and reach new markets.

Despite the challenges posed by the COVID-19 pandemic, OTEX.TO has continued to perform well financially. The company reported solid revenue and earnings growth in its most recent quarterly report—additionally, OTEX.TO announced plans to repurchase up to $500 million CAD of its common shares. Overall, OTEX.TO is a significant player in the tech industry with a strong focus on AI, and it is well-positioned to continue its growth and expansion in the years to come.

They have been at the forefront of artificial intelligence (AI) technology for many years, and its AI-driven products have helped transform businesses worldwide. They are one of the top AI companies in Canada, headquartered in Waterloo.

Docebo (TSX: DCBO)

Docebo is a SaaS company that uses its cloud-based AI platform to provide customized e-learning services to organizations for service learning and upskilling. Technology is changing the workplace at a speed never seen before as businesses adapt to changing markets and products.

This has led to a massive demand for e-learning and upskilling service providers. As a result, Docebo has found great success with marquee clients like Netflix, Uber, and Starbucks. Having a client roster of blue-chip clients is a positive sign for investors as it shows the real-world success of a company’s product.

Docebo uses AI to help its client provide personalized learning for employees and comprehensive progress tracking for managers. The software trains employees with an AI-powered Virtual Coach to test real-world solution-solving at scale. The software then suggests appropriate learning material based on performance to the trainees, all without the intervention of managers/admins who can spend their time more productively while having a birds-eye view of the progress of all trainees.

Docebo has also been expanding its global presence, adding over 800 new customers during the year, bringing its total customer count to more than 3,600 worldwide. The company has also launched a new suite of features called Docebo Skills, which allows businesses to track and develop their employees’ skills in real time. This new product has been well-received and has contributed to the company’s continued growth.

Docebo will continue to perform well in 2023, building on its success from the previous years. As of Q4 2022, the company reported revenues of $39.9 million (up 72% YoY) and a gross profit of $32.3 million. EBITDA and net loss were $2.6 million and $9.1 million, respectively, reflecting the company’s focus on investing in growth over profitability.

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VIQ Solutions (TSX: VQS)

VIQ Solutions (TSX: VQS) is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services [[7][12][15][20]]. The company’s unique crossover of AI, powerful technology, and expert transcription personnel has made it a leader in digitizing evidentiary workflow. VIQ Solutions offers a comprehensive solution suite that delivers intelligent automation, enhanced with human review, to transform how content is captured, secured, and repurposed into actionable information.

VIQ Solutions continues to succeed in healthcare, law enforcement, the legal industry, insurance, and generic businesses. Their software provides various services, such as transcription, image recognition, and video tagging, allowing organizations to automate data capture, cataloging, and documentation processes.

The company’s product offerings are used in law enforcement and insurance for creating quick on-site incident reports that are instantly tagged and uploaded to the cloud for processing. In addition, their transcription software transcribes minutes of court sessions, depositions, and meetings in the legal industry and generic businesses.

VIQ Solutions’ transcription software is also used by doctors in hospitals, saving them valuable time and increasing efficiency. They provide real-time translation of dictations in 40 languages.

In the first quarter of 2021, VIQ Solutions reported revenues of $8.3 million (up 9.4% YoY) and a gross profit of $4 million (up 25% YoY). In February 2023, VIQ Solutions announced a partnership with another top ten U.S. insurance company, increasing its partnerships to seven. VIQ Solutions also announced in July 2022 that their Carbon™ technology platform would increase the ability to service the real-time needs of journalists and media clients around the globe.

H2O Innovation (HEO.V)

H2O Innovation provides water treatment solutions using AI and machine learning.

H2O Innovation Inc. (HEO.V) is a Canadian company that designs and provides integrated water treatment solutions based on membrane filtration technology. The company operates through three segments and provides solutions for several market segments for drinking water, wastewater, and water reuse applications. Regarding financial performance, H2O Innovation trades at 28.9% below its estimated fair value and has good analyst coverage.

The company’s earnings are forecast to grow 41.6% per year, while earnings increased by 34.2% over the past year. As a result, the company is expected to grow earnings and revenue by 41.6% and 8.3% per annum, respectively.

H2O Innovation’s innovations include the flexMBR, a membrane bioreactor system that provides superior performance in wastewater treatment compared to conventional methods. In addition, the company’s Water Technologies & Services segment applies membrane technologies and engineering expertise to deliver equipment and services to municipal and industrial water, wastewater, and water reuse customers.

H2O Innovation’s growth potential is supported by recent financial results, including sustained revenue growth driven by 27% organic growth and recent project awards. Overall, H2O Innovation has strong growth potential and is focused on developing innovative solutions for the water treatment industry.

MCloud AI (MCLD.V)

MCloud AI provides artificial intelligence-powered asset management systems to energy suppliers, grid operators, process industries, commercial buildings, and companies with large geographical footprints. As companies look to reduce their carbon footprint, energy usage and renewable energy management are desirable sectors.

Based on historical and real-time data, it uses artificial intelligence to drive cost savings and energy usage. The company’s software is also used at wind farms, solar farms, and other energy assets to optimize energy generation/storage. In addition, it provides energy companies with a single dashboard to optimize/monitor energy assets across different locations.

In addition, it uses edge devices (IoT) to gather operational performance at industrial plants and energy assets and uses its software to find actionable insights. The company also uses IoT to control HVAC systems resulting in cost savings of 25% for clients like Starbucks. The company’s services are desirable as they involve low client capital outlay.

In Q1’21, they reported strong business growth. Reported revenue for the quarter was C$7.3 million (up 27% YoY); more importantly, recurring revenues for their software were up 524% from C$1 million to C$6.2 million. Gross profit for the quarter was C$5.2 million. Net losses were more or less stable at C$8.8 million due to the company’s focus on growth.


FOBI AI (TSX.V: FOBI), formerly Loop Insights, is a Canadian artificial intelligence stock making waves in the tech industry. They specialize in developing and deploying AI technology solutions for various industries, such as healthcare, finance, retail, and more.

They specialize in artificial intelligence, automated marketing, contact tracing, and no-contact solutions for physical businesses. Additionally, they have invested in data analytics and machine learning to deliver rapid, comprehensive insights and automated personalization in e-commerce.

FOBI AI has developed a suite of products that can be used to automate processes and improve efficiency across multiple sectors. In addition, their IoT device provides data connectivity between online and on-premise platforms, enabling highly scalable solutions for customers worldwide without disrupting existing infrastructure. As a result, they are one of the smaller market capitalization AI stocks on our list.

In May 2023, FOBI AI expanded its solutions to the Asia-Pacific (APAC) region with an official launch in Japan. In addition, they have signed a 3-year exclusive data license agreement with Ideal POS Solutions Inc., a point-of-sale solutions provider, to integrate their respective platforms and provide businesses with real-time insights and personalized customer engagement.

In addition, FOBI AI has entered into a data consulting agreement with Azincourt Energy Corp. to utilize their AI and data analytics at the East Preston Uranium Project.


CGI Inc. (GIBA.TO) is a Canadian-based technology and consulting company specializing in artificial intelligence (AI). It has existed since 1976 and has been providing AI solutions to clients since 1997, and its AI capabilities are used by some of the world’s leading companies. CGI Inc. is one of the best artificial intelligence stocks in Canada, as it has a strong track record of delivering successful AI projects.

They have developed various AI products and technologies, such as predictive analytics, machine learning, and natural language processing. CGI Inc. is also actively involved in developing autonomous vehicles and robotics. For example, the self-driving car must leverage AI-powered technology to perform tasks safely.

In 2021, CGI was named a Leader in Gartner’s Magic Quadrant for Application Services in the North American region for the twelfth consecutive year. CGI Inc. is also expanding its services through strategic acquisitions. For example, in February 2022, CGI announced the acquisition of Sense Corp, a Texas-based digital transformation and management consulting firm. The purchase added over 1,300 employees to CGI’s workforce and expanded its presence in the U.S. market.

In terms of environmental and social responsibility, CGI Inc. has committed to reducing its carbon footprint and becoming carbon neutral by 2026. The company has also pledged to support sustainable business practices and invest in initiatives that support local communities and promote diversity and inclusion.

Overall, CGI Inc. remains a leading player in the AI industry in Canada, with a strong track record of delivering successful AI projects and a continued focus on innovation and growth.

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EarthLabs Inc. (TSX.V: SPOT)

Earthlabs is a micro-cap company using a powerful combination at the intersection of AI and the mining industry.

Formerly Goldspot, EarthLabs is a Canadian-based company that develops artificial intelligence (AI) technologies for the mining industry. Their mission is to provide innovative solutions to help miners increase efficiency, reduce costs, and improve safety. EarthLabs has developed a suite of AI products to optimize operations and maximize profits.

EarthLabs’ flagship product is an AI-driven platform that uses machine learning and predictive analytics to help miners identify geological anomalies that indicate the presence of minerals and make further inferences into assay results.

Absolute Software (ABT.TO)

Absolute Software provides endpoint security solutions using AI and predictive analytics. With a market cap of $1.10 billion, Absolute Software has a solid financial performance, including consistent revenue growth and profitability.

Absolute Software is well-positioned in the endpoint security market. Its unique platform offers a permanent digital connection for endpoint devices, enabling intelligent and dynamic visibility, control, and self-healing capabilities. As a result, the company has a strong competitive position in the market, with its solutions embedded in more than 600 million devices globally.

Absolute Software has a strong potential for expansion into new markets, including healthcare and education. The company’s solutions are suitable for protecting sensitive data in these sectors and can help organizations meet regulatory compliance requirements. In addition, Absolute Software has made recent acquisitions, including NetMotion, which has expanded the company’s capabilities in endpoint resilience and the next generation of endpoint security.

Blackberry (BB.TO)

Blackberry is a well-known technology company that has transformed its business to focus on cybersecurity and AI-powered solutions. With a market cap of $8.42 billion, Blackberry has a solid financial performance, including steady revenue growth and profitability. The company also has a strong reputation in the industry and has the potential for expansion into new markets, such as automotive and healthcare.

The company’s cybersecurity solutions utilize machine learning and predictive analytics to protect endpoints, networks, and people from cyber threats. Blackberry’s QNX software platform also plays a critical role in the company’s strategy, as it provides secure and reliable software solutions for connected and autonomous vehicles.

In terms of financial performance, Blackberry has demonstrated consistent revenue growth and profitability, with a revenue of $1.21 billion in the last fiscal year. The company’s market cap has also been steadily increasing, currently at $5.23 billion. Furthermore, Blackberry has been expanding its partnerships and collaborations with other companies, such as Amazon Web Services and Google Cloud, to enhance its product offerings and reach new customers.

AnalytixInsight Inc. (TSXV:ALY)

AnalytixInsight Inc. (TSXV:ALY) is a financial content and enterprise software solutions provider that uses artificial intelligence to transform data into knowledge. The company develops and markets cloud-based platforms that offer financial content, stock trading, and research solutions for banks, brokers, and investors in the financial services industry.

AnalytixInsight’s software solutions provide financial institutions with actionable insights by analyzing large amounts of data in real time, enabling faster and more informed decision-making. They also own a 49% stake in MarketWall, a FinTech trading solutions business.

The company’s financial performance has been mixed over the past few years. While its revenue declined by 44% from FY 2021 to CA$1.67m in FY 2022, it reported a net loss of CA$4.17m in the same period, a 2.2% increase compared to the previous year. However, the company has a solid reputation in the industry and the potential for expansion into new markets, such as automotive and healthcare.

Hill Street Beverage Company Inc. (TSXV:BEER)

Hill Street Beverage Company produces alcohol-free beer and wine, focusing on using AI to improve the taste and aroma of its products. Hill Street’s offerings may become increasingly popular as the demand for healthier and more sustainable beverage options grows.

The company has also entered into various partnerships, including a co-packing partnership with Peak Processing Solutions and a licensing partnership with Lexaria Bioscience to use its DehydraTECH patent portfolio in product development and B2B sales of cannabis ingredients.

Hill Street has expanded its distribution footprint to include international markets such as Australia and the United States. The company has also signed a non-binding letter of intent to enter the Illinois cannabis market.


C3.AI (NYSE: AI) is one of North America’s best artificial intelligence stocks. They provide a suite of enterprise-grade software products and services that enable organizations to rapidly develop, deploy, and operate AI applications at scale. In addition, C3.AI has developed an integrated platform for building and operating AI applications that are secure, reliable, and cost-effective.

Some leading organizations, including Microsoft, the e-commerce behemoth Amazon, and Google, use the company’s products. C3.AI is also developing AI tools & solutions for healthcare, finance, retail, and other industries.

As of May 2023, C3.AI’s market capitalization is approximately $21.6 billion. The company has recently reported strong financial results, with earnings exceeding expectations.

Which Canadian company is dominating the AI market?

There is no clear Canadian company dominating the AI market, but several Canadian companies have made significant strides in the field.

According to a list released by CB Insights, only one Canadian company, Element AI, made it to their AI 100 list in 2020. However, several Canadian AI companies are considered promising, such as Kinaxis, Docebo, and VIQ Solutions Inc. Additionally, there are many Canadian AI development companies, such as Talentica Software and mCloud, that are building innovative products using AI and IoT technologies.

In terms of publicly traded Canadian companies, Nexj Systems and Open Text are at the forefront of the AI revolution. In addition, Canada has a thriving AI ecosystem with over 800 AI companies and 670 AI startups.

While no Canadian company can be said to dominate the AI market, many companies are making significant contributions to the field.

Is Canada a Leader in Artificial Intelligence?

Yes, Canada is considered a global leader in artificial intelligence (AI). In 2017, Canada became the first country in the world to release a national AI strategy called the Pan-Canadian Artificial Intelligence Strategy. This strategy aims to drive cutting-edge research, train the next generation of diverse AI leaders, and foster cross-sectoral collaboration for innovation, commercialization, and responsible AI adoption.

The country has leading academic research clusters at top Canadian institutions such as the University of British Columbia, University of Alberta, University of Waterloo, University of Toronto, McGill University, and Université de Montréal. Canada also boasts some of the world’s top minds and inventors of AI technology. With more than 20 public AI research labs, 75 AI incubators and accelerators, 60 groups of AI investors from across the country, and over 850 AI-related start-up businesses, Canada is fostering a thriving AI ecosystem fueled by talent and innovation.

Canada has been recognized internationally for the quality of its research, skilled talent pool, and contributions to AI innovation. However, Canada must remain agile in the future to sustain its position as a first mover in the global AI industry.

Are AI & Machine Learning stocks a good investment?

Artificial Intelligence and Machine Learning stocks have been gaining interest from investors in Canada due to their potential for significant growth and innovation in a range of industries. Companies like CGI Inc., Docebo Inc., and Kinaxis have been recognized as some of the best AI stocks in Canada. However, it is essential to note that penny and micro AI stocks can be volatile.

Artificial Intelligence and machine learning have become one of the most prominent narratives of the technology sector. The AI industry promises to boost productivity across all business sectors using intelligent and adaptive software to enhance human intelligence.

Most recently, generative AI has become the most popular use case. Still, deep learning AI will change self-driving cars, data science, computer science, e-commerce and almost every other industry.

Investing in AI stocks provides exposure to a technology revolutionizing many industries, making businesses more efficient by automating complex tasks, increasing yields across different processes, and managing workflows at an organizational level. Furthermore, AI is accessible to small companies through cloud services, making it easier for them to implement AI systems in their operations.

According to McKinsey, the potential for AI to add $13 trillion to the global economy by the end of this decade is also a promising sign for investors.

Amazon’s business model, for example, touches all these industries with its cloud computing service and data centers; they use AI to visually perceive their data centers and improve their computing power with vast amounts of new data. And obviously, they are involved with deep learning for e-commerce. So AMZN is an AI stock you should also have, as well as Microsoft and Google, with a large market cap.

In a 2020 survey of 1030 companies, nearly 28% of companies in the Health, Finance, Automotive, FMCG, Technology, and Telecom industries increased their investment in AI systems through the pandemic.

With the emergence of the cloud, AI is more accessible than ever, as small companies didn’t have the resources to build such systems in the past. Furthermore, artificial intelligence is poised to get more powerful and effective over the next few years due to IoT (Internet of Things); an increase in intelligent sensors and smart devices will lead artificial intelligence to become a ubiquitous part of our lives. The rapid growth of the Internet of Things (IoT) is another factor that is expected to increase the power and effectiveness of AI in the next few years.


As you can see, artificial intelligence has found applications in various industries, and it is poised to grow with the increasing role of technology in organizations. Over time, as more companies get digitized due to hardware and software upgrades (IoT), AI programs will have higher quality data, leading to higher impact.

However, investors should be aware of the risks of investing in high-growth companies, including AI stocks, as the software industry is highly competitive and prone to disruption. Investors should also be concerned as cloud computing providers (E.g. Amazon, Microsoft, and Google) that provide the hardware infrastructure to these companies are increasingly developing their own AI solutions, which can potentially be far more powerful due to the resources available to these companies.

AI stocks are some of the most exciting on the stock market today. However, the nature of the enterprise software industry is such that competitive advantages can be very short-lived as software solutions are very scalable, switching costs can be minimal due to low product differentiation in the space, and high price competition.

As artificial intelligence has been declared the tech industry’s future, we hope you enjoyed our list of AI-based stocks to buy in 2021. Among them are Canadian technology stocks that could help you tap into a projected AI market of $560 billion.

Canadian AI stocks are something to look into; many artificial intelligence companies in Canada are at the forefront of innovation and focused on using their AI-prowess to improve people’s lives.

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