TransAstra is Taking Off with Western Alliance Bank
When we were looking to scale the company last year, I was very frustrated with our old traditional bank. They couldn’t move fast enough. So, I asked Scott for a recommendation. Based on his description, it seemed incredibly clear that Western Alliance Bank was the way to go.
For TransAstra, a California-based space industry startup, all systems are go. The company has a vision to utilize space resources to build a thriving space economy and make humans an interplanetary species. And they’re taking big strides to get there as they develop game-changing technologies that propel explosive, but responsible, growth of both existing and new space industries. Needless to say, things are busy at “The Hive,” the company’s headquarters.
“We are building technology to bridge where we are today to where we are going in the future,” said Joel Sercel, founder and CEO of TransAstra. The company’s latest projects include the groundbreaking Sutter Telescopes, the development of the Worker Bee and their next prototype, FlyTrap.
The Sutter Telescope has the ability to identify dark, fast-moving objects in low earth orbit, and also help the government identify difficult-to-locate objects. “We named the Sutter Telescope after Sutter’s Mill in California. In the same way that Sutter’s Mill set off the Gold Rush, we believe the Sutter Telescope’s technology and ability to identify things in space will set off the Space Rush,” said Sercel. Currently, TransAstra has three systems in operation as they work to develop a global network – one in California’s Sierra Nevada Mountains, one outside of Tucson, Arizona, and one in the mountains of Australia.
The next iteration of its Sutter Telescope, dubbed Sutter TKO (Turnkey Observatory), represents significant innovation. Traditionally, telescopes are housed in existing observatories. However, the Sutter TKO will be a mobile system that can be deployed anywhere in the world with just a flat surface. While access to electricity is beneficial, the Sutter TKO can also be equipped with solar panels and batteries, allowing it to operate independently of electrical power. This design will offer operators remarkable flexibility.
In addition to the Sutter Telescope, the team at TransAstra is developing Worker Bee, which was the first step in the roadmap for asteroid mining and tapping into the practically unlimited resources of space. “Worker Bee is essentially a truck to move things around in space. You can’t operate a mine without trucks, so once the trucking industry is going, we can then utilize the Worker Bee to begin mining,” added Sercel.
You may be wondering where the bee association came from. “Many companies involved in space resources were thinking about it as terrestrial mining,” said Sercel. “For us, it was more like harvesting resources as a bee would.” From there, the bee theme took off.
TransAstra is also actively developing a prototype for FlyTrap, an innovative large capture bag designed to collect space debris and prevent dangerous collisions. The team aims to conduct a prototype test mission within the next 12-18 months, marking a pioneering space effort. In fact, the groundbreaking nature of this project has already garnered recognition, earning a “Best Inventions” award from Time Magazine in 2023.
As fast as TransAstra is moving, they knew they needed a bank that could keep pace.
TransAstra has a relationship with a Southern California law firm called Stubbs Alderton & Markiles, LLP, and one of the leading principals and top startup lawyers in Southern California is Scott Alderton. “When we were looking to scale the company last year, I was very frustrated with our old traditional bank,” said Sercel. “They couldn’t move fast enough. So, I asked Scott for a recommendation. Based on his description, it seemed incredibly clear that Western Alliance Bank was the way to go.”
Since TransAstra began working with Western Alliance Bank, “the difference in customer service is night and day. A lot of people think that banks are banks, but from a customer standpoint the difference is service and responsiveness. We now get what we need in days, not weeks.”
Asked what he liked most about working with Western Alliance Bank, Sercel said, “Western Alliance Bank is fast, efficient, understands our business and is willing to go the extra mile to get the mission accomplished.”
The sentiment is echoed by TransAstra’s Chief Business Officer, Alex Pilmer, when he talks about Western Alliance Bank’s ability to grow with the company. “I believe the bank can grow with us as we evolve. In the fast-paced life of a startup, their support has been unwavering. Western Alliance Bank has been there for us every step of the way."