To me, I did read "SPEEDY" but after the seed was sewn then I can't un-see "PEEDY" now.
I'm actually liking the concept with the speed lines on the S but maybe to make it all read together then you could try making the PEEDY look a little more in line with the S?
The S appears to be kind of italicised and leaning or moving forward so maybe by doing the same with the rest may make it read properly.
Also, I see that the S has rounded ends where as the rest are square like a 'but cap' line.