Mr Lynch was confirmed to have died aged 59 after a luxury yacht sank off the coast of Sicily.
As well as founding the software giant Autonomy, he was on the board of several prominent institutions including the BBC and the British Library, and was a fellow of the Royal Academy of Engineering.
The academy paid tribute to its “mentor, donor and former council member” on Thursday.
In a statement, it said: “The trustee board, fellows and staff of the Royal Academy of Engineering are deeply saddened to learn of the death of Mike Lynch and send our profound condolences to his family.
“Mike became a fellow of the Royal Academy of Engineering in 2008 and we have fond memories of the active role he played in the past as a mentor, donor and former council member.
“He was also one of the inaugural members on the enterprise committee.
“Our thoughts are with his family and friends at this time.”
Meanwhile, the chairman of the Francis Crick Institute described Mike Lynch as a “human being of great ability”.
Mr Lynch was a member of the Create The Change fundraising board, set up by Cancer Research UK and which helped fund the building of the Institute, a biomedical research centre.
Lord John Browne said: “Mike Lynch should be remembered as the person who catalysed a breed of deep tech entrepreneurs in the UK.
“His ideas and his personal vision were a powerful contribution to science and technology in both Britain and globally.
“I send my condolences to those close to him. We have lost a human being of great ability.”
Technology industry group TechUK added to the tributes.
A spokesperson said: “Mike Lynch was a hugely significant and pioneering figure in the UK technology sector.
“Our hearts go out to all of the families and friends who have been impacted by these tragic events.”