Abstract: This presentation overviews the development and initial operation results of 50kg-class deep space exploration technology demonstration micro-spacecraft PROCYON (PRoximate Object Close flYby with Optical Navigation), which was developed by the University of Tokyo and Japan Aerospace Exploration Agency (JAXA). Two major missions of PROCYON are (1) demonstration of 50kg-class deep space exploration bus system and (2) demonstration of high resolution observation of an asteroid during close and fast flyby. PROCYON was launched directory into Earth departure trajectory together with Japanese second asteroid explorer Hayabusa-2 at the end of 2014. The presentation describes the system design of the spacecraft and how we developed the spacecraft with very low cost and short period. Also, initial operation results will be reported, focusing on the micro-spacecraft bus system demonstration results.