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.

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.

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 percent.

Flamingo (ASX:FGO)

Flamingo’s AI technology also plays in the sales space. It is sold to enterprises on the basis that it can be deployed in any environment to analyse a customer journey and optimise and automate to convert sales.

It boasts clients including Metlife, AMP, Cua and Chubb.


OpenDNA offers AI-solutions for enterprises to help better understand and target audiences.

Its software platform Synapse uses AI to give better insights into a customer base and allocates relevancy scores to content for each customer to help the organisation better determine whether the content will be of interest and use to them.

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.

It’s 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.

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.

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.

Here is how this basket of AI stocks have performed over the past 12 months (Source: Bloomberg)AI stocks performance over the past 12 months (Source: Bloomberg)

Ticker Last Price Past 12 Months %) Market Cap
Big Tin Can 0.535



Gooroo 0.08



LiveTiles 0.54



Volpara 1.83



OpenDNA 0.043



Alcidion 0.054



Mach7 0.22



Bid Energy 0.925



LBT Innovations 0.068



Spector 0.135



Linius Technologies 0.037



Medibio 0.015



Weebit Nano 0.44



BrainChip 0.048



FlamingoAI 0.007



CrowdMobile 0.011



* Prices correct as of April 12, 2019

Leading the way

Appen (ASX:APX)


Appen is one of the companies that has led the market in AI. It is a multi-billion-dollar company providing machine learning and AI solutions for multiple markets including solutions for e-commerce, social media, medical markets and finance.

Now considered one of Australia’s leading tech stocks, dubbed the WAAAX stocks, Appen is a beacon of success that many of the small cap AI stocks on the exchange aspire to become.

Read: Australia’s WAAAX stocks outperforming FAANG stocks

Appen Share Price and Volume to Data (Source: Bloomberg)

Appen Share Price and Volume to Data (Source: Bloomberg)
Star Investing has a commercial partnership with some of the companies mentioned in this article. This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.