3 small cap ASX shares to put on your watchlist right now

Here's why I think investors should put Whispir (ASX:WSP) and these ASX small cap shares on their watchlists right now…

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If you're a fan of investing in small cap shares, then you're in luck.

Right now, there are a number of companies at the small side of the market which I believe have a lot of potential.

Here's why I think they should be on your watchlist:

Carbon Revolution Ltd (ASX: CBR)

Carbon Revolution is a $370 million advanced manufacturing company that designs, manufactures, and markets single piece carbon fibre wheels for motor vehicles. By being able to manufacture wheels in this way, the company is able to reduce the weight of them significantly. This is a big positive as management estimates that these weight savings can result in up to 40% reductions in inertia. This is really significant for car companies, which are always looking to make their vehicles more efficient. Carbon Revolution counts the likes of Ford and Ferrari as customers. I believe this is a testament to the quality of its products.

Mach7 Technologies Ltd (ASX: M7T)

Another small cap ASX share to watch closely is Mach7. It is a $247 million developer of innovative enterprise imaging and informatics solutions for image viewing, storage, and workflow management. These solutions are able to be implemented individually, or as a comprehensive end-to-end image management and diagnostic viewing platform. The company has designed them to assist healthcare organisations with removing technology limitations to ensure patient information flows easily and can be accessed instantly. This helps to inform diagnosis, reduce care delivery delays and costs, and improve patient outcomes. Management estimates that Mach7's total addressable market is worth US$2.75 billion per year.

Whispir (ASX: WSP)

A final small cap ASX share I would recommend you put on your watchlist is Whispir. It is a $379 million software-as-a-service communications workflow platform provider. This increasingly popular platform automates communications between organisations and people. This enables organisations to improve their communications through automated workflows to ensure stakeholders receive accurate, timely, useful, and actionable insights. Management estimates that the Workflow Communications platform as a Service market could reach US$8 billion per year by 2024.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends MACH7 FPO and Whispir Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Carbon Revolution Limited. The Motley Fool Australia has recommended Carbon Revolution Limited, MACH7 FPO, and Whispir Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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