Compiling with mcc -m provides more information on the error message than contained in the log file created using the deploytool.
The full error is as follows:
"The file [Root]\toolbox\lightspeed\normcdf.m' is not in the applications expanded CTF archive at [directory]\Temp\Username\mcrCache7.16\EM_DDL1'. This is typically caused by calls to ADDPATH in your startup.m or matlabrc.m files. Please see the compiler documentation and use the ISDEPLOYED function to ensure ADDPATH commands are not executed by deployed applications.
An error occurred while trying to determine whether "normcdf" is a function name."
Removing ADDPATH calls from my startup.m file and compiling with mcc -m seems to have fixed the error.