California software firm VMware Inc. raised its guidance for annual revenue growth to as high as 20 percent by 2016 and, with parent company EMC Corp. of Hopkinton, disclosed a new venture with a $1 billion revenue target. Pivotal Inc. will include VMware’s Cloud Foundry application service and EMC’s Greenplum data analytics software. EMC owns 80 percent of VMware. Both companies hope Pivotal will cash in on an expected jump in demand for data analytics software. It is expected to become its own company on April 1.