mvVirtualDevice.dll can be copied somewhere in the systems path or into the applications directory

mvVirtualDevice is able to connect to the FreeImage library for loading JPEG, PNG and TIFF images from hard disk. See FreeImage Support also. The library will try to load the FreeImage libraries from %MVIMPACT_ACQUIRE_DIR%/Toolkits/FreeImage-3.19.9/Dist/<platform> so this is where the library needs to be to make this work.

Note: More information about locations of libraries within the standard installation is summarized at Locating Runtime Libraries.