This can be corrected by following the required steps:
1) Install Java JDK 1.8.0_71
2) Set appropriate java variables (Ex. JAVA_HOME, PATH)
3) In a command window, run <setup file>.exe LAX_VM "<java-home>\bin\java.exe"
(Ex. "C:\Program Files\Java\jdk1.8.0_71\bin\java.exe")
4) When this window appears you may proceed with the installer:
This will help you bypass the LaunchAnywhere Error.