In a new 4Gamer Japanese 20th year anniversary Space Channel 5 interview with some of the original members of the team, which most are now working on Space Channel 5 VR over at Gounding Inc (A team made up of ex-SEGA employees including some from the Panzer Dragoon Team) the team discusses the origins of Space Channel 5 and even the project before the game was even thought of.
During the interview they asked the team about the game that came before Space Channel 5, which was at the time called “Eye” (Using Google Translate, so bear with me):
Takumi Yoshinaga: “(Eye) was an adventure game set in the near future, with a setting like “AKIRA” and you progressed through hacking. The main character was a boy, which is completely different from Space Channel 5. Actually the icon of “Eye” project is included in the end credits for Space Channel 5, which is a secret to the game’s origin!”
You can see the Project “Eye” logo from the Space Channel 5 credits after the jump: