It is a component of «Intel Rapid Storage Technology»:
It seems delayed launcher or IAStorIconLaunch.exe from Intel RST uses the local run registry setting to execute when a user logs in Windows.
Doing that actually delays your boot time for about 30-60 seconds before viruses or malware can interfere with system files.
This also allows Intel RRT to restore the hard disk from the "recovery partition" which is maintained using RAID 1 mirroring and runned in the background.
It's basically a system recovery measure but also allows your Windows system to load before any other apps like viruses/malware.
Intel Rapid Storage Technology provides benefits to users of a single drive as well.
Through AHCI, storage performance is improved through Native Command Queuing(NCQ).
AHCI also delivers longer battery life with Link Power Management (LPM), which can reduce the power consumption of the chipset and Serial ATA (SATA) hard drive.