I had the same problem. I just installed WaveLab Pro 9.5 for the first time. Using the same dongle I use for Cubase Pro 9.5, I received the same error.
“No valid license has been found on this computer. WaveLab 9.5 cannot be started”. I was assuming Wavelab would recognize the dongle and walk me through activation. WaveLab was seeing the dongle, but was looking for an activated eLincense on the dongle. I was able to resolve the issue by using the eLicenser Control Center. When the control center opened, I ran the synchronization and maintenance wizard. Then I ran the eLicense Download Wizard which challenged me for the activation code to complete the download. Once I entered the activation code, the WaveLab license was downloaded and added to the dongle. Hope this helps. 