Velocity is a cancelled SciFi action game that was in development by Cave Logic Studios and PF Magic for the original Playstation and Saturn. It seems that the game was never officially announced so there are not many info about its gameplay or story, but thanks to an interview with Kevin Seghetti (former Cave Logic programmer) by GDRI, we can learn more about this lost project:
After Ballz, Cave Logic worked with PF.Magic on a 3D game originally for the Sony Playstation and Sega Saturn called Velocity. For many reasons, that project took several years and was eventually canceled. Cave Logic became Recombinant Limited, and we used the same 3D engine (which we called World Foundry) to start on a project for MGM Interactive called Cyberthug. But a few months into that, MGM Interactive was canceled by MGM, so that game didn’t get finished, either. By that time, I had about had it with the game industry, so [I] went and got a programming job doing embedded control systems instead (and never looked back).
Some screenshot were shared online on Source Forge. Thanks to Celine for the contribution!