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Did you choose software or hardware license during the installation? If you chose hardware installation, re-install V-Ray and choose "software" this time. It should fix it. Also, was your license on your local machine or somewhere else in the network?
After reloading 1.47 it says invalid license, somthing about the license being to long. Then After pasting in the original license I was emailed for 1.47 I get...Invalid license:Bad node data. -18
In that case you can send me a private message with the email address which you used so that I can look it up.
[EDIT] Nevermind, I found it, please check your email. However, it looks like the computer configuration for which you have sent a license request is quite different from one for your old key.
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