The application was unable to start correctly (0xc000007b) error on Windows 7. Old version still works fine

I have been using a bunch of applications for image analysis purposes and we have just received a new version of the application from the vendor. I have installed them the same way and made sure that the paths were added to the registry. However, when i try to launch the new version I get a 'The application was unable to start correctly (0xc000007b) error'. The old version still runs with no error messages.

I have checked the dependencies of both versions using depends.exe but they look exactly same to me. Any advice to find the details of the problem (or fixes) will be much appreciated.