You're trying to run an executable compiled for an ARM architecture on an x86-64 architecture, which is much like asking your processor who only speaks English to take directions in Chinese.
If you need to run that executable you have two choices:
Get an x86-64 version of the executable (by any mean; if you're unable to get an x86-64 version of the executable but you're able to get its source code, you can try to recompile it on the virtual machine);
Install
Ubuntu Server for ARM
in place of Ubuntu 14.04.2 (amd64). This requires either a physical machine running on an ARM architecture or a virtualization software that can emulate it.
I haven't installed xteve, but the error could be resolved as mentioned here: https://askubuntu.com/a/648558