NEW YORK, Jan. 9 (Xinhua) -- Blackstone, the world's largest alternative asset manager, is investing in a company that helps organizations more efficiently store and analyze large amounts of data, executives from both companies said.

"It is the private-equity firm's latest bet on a business that supports the growth of artificial intelligence (AI)," reported The Wall Street Journal on Thursday about the development.

Blackstone is investing 300 million U.S. dollars into a company called DDN. The investment, the first outside funding for the Chatsworth, California-based company, values DDN at 5 billion dollars.

Founded in 1998 by computer scientists Alex Bouzari and Paul Bloch, DDN is one of a handful of companies that sell computing equipment and software to manage and glean information from data when AI models are being trained and rolled out.

It got its start managing data to enable computing efforts for government agencies and research organizations, including complex simulations for drug development and National Aeronautics and Space Administration missions. Its customer base has shifted as more companies look for ways to use AI.

DDN plans to use Blackstone's investment to sharply expand the AI data company's business-customer base, according to the report. DDN's products are used in some of the biggest deployments of AI infrastructure. Among these is the Colossus supercomputer being built by Elon Musk's xAI in Memphis, Tennessee, which the tech mogul has said is being scaled up to include 200,000 of Nvidia's advanced AI chips. Enditem

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