Artificial Intelligence (AI), or machine learning, isn’t a new concept but over the past few years, its use cases have been rising as more companies find new innovative ways to apply the technology.

The ASX is now home to a number of small cap AI stocks that are all seeking to capitalise on the growing trend of businesses seeking AI solutions to their problems.

If you’re an investor seeking exposure to AI in the small cap space look no further because we have compiled a run-down of the small cap ASX stocks with their fingers in the AI pie.

Here’s a list of the top 100 best performing AI stocks on the ASX.

Code Company Price %SixMth %Yr MktCap
BRN Brainchip Ltd 0.35 373 695 $562.1M
WBT Weebit Nano Ltd 2.1 483 406 $219.0M
M7T Mach7 Tech Limited 1.25 85 92 $286.2M
BID Bidenergy Limited 1.12 45 90 $159.2M
BTH Bigtincan Hldgs Ltd 1.22 52 88 $452.5M
CM8 Crowd Media Limited 0.047 81 74 $24.1M
FGO Fargo Enterprises 0.003 100 50 $3.6M
MEB Medibio Limited 0.012 76 37 $16.2M
LNU Linius Tech Limited 0.039 225 8 $57.2M
PX1 Plexure Group 1.14 0 0 $191.6M
GOO Gooroo Ventures Ltd 0.057 0 0 $8.5M
LVT Livetiles Limited 0.29 23 -3 $261.6M
ALC Alcidion Group Ltd 0.205 37 -7 $198.1M
VHT Volpara Health Tech 1.4 -5 -18 $338.6M
SP3 Specturltd 0.076 43 -24 $8.1M
RLG Roolife Group Ltd 0.027 10 -25 $15.7M
LBT LBT Innovations 0.125 -22 -29 $36.1M
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Software products incorporating AI tech

There are multiple software businesses incorporating AI into their solutions to help enterprises improve their operations, be it sales, employee engagement or cost management these small caps have the answer.

Plexure (ASX:PX1)

Plexure uses AI to help consumer brands deliver one on one offers through their mobile devices.

Its clients service 210 million customers in 60 countries and in 40 languages – with its most prominent customer being McDonalds (which is also a shareholder).

As COVID-19 restrictions ease, clients are using Plexure to try and get consumers to physically visit their stores.

LiveTiles (ASX:LVT)

Global SaaS company, LiveTiles, offers intelligent workplace software to improve collaboration and sharing of information internally.

It uses AI to aggregate available data in the organisation making it easier for employees to source the information they need.

It also offers a bot solution for customers to improve engagement and to help automate simple, yet time consuming tasks.

BigTinCan (ASX:BTH)

BTC is a sales enablement platform also sold on a SaaS basis. Its platform is also powered by AI with AI-driven features to automate the sales cycle.

It has been on a good run recently after upgrading its revenue guidance – forecasting revenue growth of above 40 percent for the FY19 up from original guidance of 35-40 per cent.

GooRoo (ASX:GOO)

GooRoo has patent-pending technology that uses AI to determine how people think and make decisions which it is applying in the human resources and marketing sectors.

Also sold as a SaaS solution for enterprises it seeks to help enterprises to better understand its employees and customers.

BidEnergy (ASX:BID)

BidEnergy’s platform is the intelligent automation of energy use and bills to help businesses manage their energy spending.

It uses robotic process automation – which is the automation technology based on robots or AI workers.

Pure-play AI

There is only one pure-play AI company listed on the ASX – BrainChip (ASX:BRN). And by this we mean, it is the only company developing a proprietary AI technology that can then be deployed into other markets and industries.

Its technology ‘BrainChip Studio’ has the ability to process millions of images in seconds for facial and object recognition. It can even do this with video footage that is very low quality.

It is currently working on developing its AkidaTM neuromorphic-system-on-a-chip (NSoC) that will see its unique machine learning technology deployed on something as small as a chip.

The chip will be able to process data at the source without sending it to a central hub and also doesn’t need to build up the ‘smarts’ – giving it the potential to revolutionise any industry that requires quick processing of data at the source, such as autonomous vehicles.

Shares have been on a stellar run in during the September quarter in 2020 when it announced a tie up with VORAGO, a US tech business, to develop products suitable for space exploration.


Other small caps with AI aspirations

Spectur (ASX:SP3)

A cloud-based security technology provider, Spectur has jumped on the AI bandwagon to incorporate AI functionality into its suite of security camera systems.

It says AI can process complex scenarios very quickly with a high degree of accuracy and could see other features added including facial and object recognition.

Weebit Nano (ASX:WBT)

Weebit is a semiconductor company developing a next-generation of memory technology.

It is now developing memory chips needed to power demanding AI applications.

Similar to BrainChip, shares went on a run earlier this year when it edged closer from the development to the production.

Crowd Mobile (ASX:CM8)

Crowd Mobile crowdsources micro-jobs, such as expert answers to customer questions. Its platform connects experts from around the world to those seeking advice on anything from finance to entertainment.

It is now using AI technology to answer more than 50 percent of all questions that its marketing platform receives – which is says is improving its operating margins.

Linius Technology (ASX:LNU)

Linius’ Video Virtualisation Engine is making personalised video possible. Its technology makes searching the data within video possible so that it can be manipulated, enhanced and reassembled changing the way we consume video.

It uses AI-generated data to help enterprises deliver “hyper-personalised ads” and bypasses any ad-blocking software.

Health sector embracing AI

Not wanting to be left behind, the healthcare sector is also embracing the implementation of AI with the main focus of the majority of companies on improving the diagnosis processes and accuracy.

Alcidion (ASX:ALC)

A health-tech company with a focus on using its machine learning technology to analyse clinical data and help medical teams to monitor and detect patient risks, complications and conditions.

It also has a commercial focus on helping health providers monitor revenue and reimbursements and where leakage may be occurring.

LBT Innovations (ASX:LBT)

LBT’s AI platform is for the automation of microbiology and clinical microbiology for faster diagnoses.

The company says its technology brings intelligent plate reading to deliver reliable and consistent results faster.

Medibio (ASX: MEB)

Medibio a mental health technology company that uses AI technology to evaluate mental illness phenotypes and identify potential physiological markers that could lead to future episodes.

Its Clinical Decision Support System aids in the screening and diagnosis of mental health disorders in a non‐invasive, user‐friendly manner.

Mach7 (ASX:M7T)

Mach7 is a provider of enterprise imaging solutions to help improve and accelerate the diagnosis and care of patients.

It is using AI to optimise and aggregate available data and information to help practitioners better diagnose and deliver precise medicine to their patients.

It has partnered with EnvoyAI to facilitate access to a range of applications that will feed data into its solutions.

Volpara (ASX:VHT)

Volpara delivers AI-based products as part of its AI cloud offering. By aggregating data systems can ‘learn’ the patterns to assist in diagnoses.

One area it is targeting is the diagnosis of breast cancer. By aggregating a large amount of data on breast cancer mammograms and results it is helping practitioners to better understand the physiology and make more accurate diagnoses.