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im trying to run 3 meters of this addressable LED strip and a femtoduino off a 12v 23AE battery. They can both run on 5v, so I figure a 5v voltage regulator would be perfect. I'm having problems getting both to the strip and the femtoduino to work. Any insight would be helpful... this has been getting the best of me for some time now.

One LED strip (1 meter) requires 5V at 600mA. Depending on your configuration (series vs. parallel) you may not be supplying enough voltage. That isn't your main problem though. Your battery can only supply 41mAh. You need 600mA just to turn on one LED strip (1 meter). My suggestion is to build/buy a power supply that has the ratings you need. If you can draw up a schematic I may be able to help you further.