Solidworks Visualize 2020 won't load vMaterials 1.7 textures

After updating to vMaterials 1.7 Solidworks Visualize 2020 fails to load any texture from vMaterials I tested with the exception of textured plastic, SolidworksVisualize - iray.log shows “Unable to resolve file path” messages. Tried removing vMaterials altogether and clean install but problem persists. Checked that textures do indeed exist in directory specified in mdl file.
Downgrade to 1.6 fixes issues.

Sample of warnings from Visualize:

[109.7] MDLC:COMPILER 1.0 MDLC comp warn : C:\Users\kkowa\Documents\mdl\nvidia\vMaterials\AEC\Metal\Metal_Aged_Disc_Mosaic.mdl(113,222): strict relative file path contains too many directory names ‘…’
[109.7] MDLC:COMPILER 1.0 MDLC comp warn : C:\Users\kkowa\Documents\mdl\nvidia\vMaterials\AEC\Metal\Metal_Aged_Disc_Mosaic.mdl(113,222): Unable to resolve file path ‘…/textures/metal_pennymosaic_roughness.png’
[109.7] MDLC:COMPILER 1.0 MDLC comp warn : C:\Users\kkowa\Documents\mdl\nvidia\vMaterials\AEC\Metal\Metal_Aged_Disc_Mosaic.mdl(123,72): strict relative file path contains too many directory names ‘…’
[109.7] MDLC:COMPILER 1.0 MDLC comp warn : C:\Users\kkowa\Documents\mdl\nvidia\vMaterials\AEC\Metal\Metal_Aged_Disc_Mosaic.mdl(123,72): Unable to resolve file path ‘…/textures/metal_pennymosaic_normal.png’