No, it could not be related to the fact that the runtime is 32 bit and the machine is running Windows 64. It could, however, be due to a missing driver or missing runtime. You should investigate with Dependency Walker or similar tool.
If you own MATLAB R2011b Compiler Toolbox or any later version of MATLAB Compiler Toolbox then you can go to the MATLAB Central "Your Account" page and use it to download the R2011b Compiler Toolbox . You can then install the 64 bit version of that (provided you have a 64 bit MS Windows that is earlier than Windows 10... you might even be able to do it on Windows 10.) Look in the proper directory and you will find the 64 bit MCR.